Hogs at Net Long Position Again, Higher at Friday’s Close

Lean Hog futures posted 52.5 cent to $1.175 gains in the front months. The CME Lean Hog Index was up an additional $0.53 to $60.65 on Oct 9. The USDA pork carcass cutout value closed 61 cents higher, to end the week at $77.52. Belly fell hard since being up $8.64 this afternoon to finish Friday evening down 73 cents; Rib was also lower, down $1.16 on the day. The national average base hog value saw a 69 cent gain before the weekend, to close Friday at $56.27. FI estimated hog slaughter total from this week, including Saturday, is 2.725 million head. That brings the year to date estimation to 99.265 million, 3.524 million head above last year’s pace. Trade talks between China and U.S. reportedly went well, the two countries agreed verbally to conditions with president Trump and president Xi Jinping set to sign Phase One of the deal in Chile for November’s scheduled APEC meeting. The verbal agreements included plans for China to purchase up to 50 billion dollars of US Ag products annually by 2021.

OCT 19 Hogs are at $62.925, up $0.525,

DEC 19 Hogs are at $69.600, up $1.125

FEB 20 Hogs are at $77.050, up $1.175

-- provided by Brugler Marketing & Management

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