Hog Futures Dip, Supplies Tighten

Lean hog futures fluctuated on Wednesday, with December futures dropping twenty to seventy cents amid thin trading. The USDA didnt report their national base hog price due to low volume, but the CME Lean Hog Index ticked up slightly. The NASS quarterly Hogs and Pigs report showed December hog inventory up 0.63% from last year, with market hogs rising 0.75% and breeding hogs falling 0.87%. Tight supplies are driving prices, as cold storage data revealed the lowest November pork stocks since 1997. Speculative funds boosted their net long position by 13,365 contracts last week. Pork carcass cutout values dropped, with hams and bellies leading the declines. February, April, and May hogs all settled lower, with holiday trading winding down and supply signals a key focus heading into the new year.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.