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Turnaround Tuesday for Hogs Futures

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Lean hog futures are trying to regain yesterday’s losses, up by as much as $1.52 at midday. The 11/29 CME Lean Hog Index was $57.35 after dropping a full dollar. The USDA pork carcass cutout value was $81.48 after a $1.38 reduction, the belly was $8.86 lower. USDA’s national average base hog price for 12/03 was another 30 cents higher at $43.84. A Chinese Ag Ministry official claimed that “Pork inventories are relatively ample for the 4th quarter”. Emphasis on relatively! Official export data from Brazil showed pork shipments for the month of November were 57,600MT. That is 7.84% lower mo/mo, but 12.94% above November of ’18. The CFTC showed that funds were net short lean hog futures for the first time since March 3rd. Managed money was 860 contracts net short as of 11/26. USDA estimated FI hog slaughter to start the week with a new record of 497,000 head, beating the previous daily slaughter record set from Tuesday the 19th of Nov (494k head).

DEC 19 Hogs closed at $61.400, up $1.050,

FEB 19 Hogs closed at $67.675, up $1.525

APR 20 Hogs closed at $73.775, up $1.200

---provided by Brugler Marketing & Management

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