Hogs Close Higher on Chinese Demand Hopes

Lean Hog futures posted 20 cent to $1.20 gains on Friday. April was up 7.5 cents as it expired today and converges with the Index. The CME Lean Hog Index was up another 17 cents from the previous day @ $79.36 on April 10. The USDA pork carcass cutout value was $1.28 higher at $85.71 per cwt in the afternoon report, with just the Picnic reported lower. The national base hog carcass value was up $1.81 in the PM report, at an average weighted price of $76.37. Estimated FI hog slaughter was 2.384 million head through Saturday, down 74,000 from the previous week but still 12,000 above last year. Managed money funds in lean hog futures and options held their largest net long position in over a year on April 9 at 50,482 contracts. That was a hike of 13,691 contracts from the week prior.

Apr 19 Hogs closed at $79.300, up $0.075,

May 19 Hogs closed at $89.600, up $1.200

Jun 19 Hogs closed at $98.500, up $0.800

--provided by Brugler Marketing & Management

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