Lean hog futures posted 12 cent to $1.40 gains across most contracts on Friday, with July losing $2.47 on the week. July was down $7.55 on the month. The USDA National Base Hog price was reported at $89.17 on Friday afternoon, up 14 cents from the previous day. The CME Lean Hog Index was back down 17 cents at $89.75 on June 26.

USDA quarterly Hogs & Pigs data showed all hogs and pigs at 74.786 million head as of June 1, a 1.27% increase from a year ago and above estimates for a 0.8% increase. Hogs kept for marketing were up 1.68% to 68.479 million head, with hogs kept for breeding at 6.008 million head, a 3.19% drop. The March-May pig crop was at 34.021 million head, up 1.82% vs. last year, with pig per litter 1.76% higher to 11.56. Sows farrowing in that period were up 0.1% to 2.944 million head. Farrowing intentions for the June to August period at are 2.963 million, a 3.53% decline from a year ago.

Commitment of Traders data showed money managers on hog futures and options adding 8,875 contracts to their new net short position as of 6/25 at 9,097 contracts.

USDA reported the Friday PM Pork Cutout Value up a sharp $2.99 to $97.89. All primals but the picnic were reported higher, with the ham leading the charge, up $7.54 and rib up $6.22. USDA estimated this weeks FI hog slaughter WTD total at 2.421 million head. That is up 2,000 head from a week ago but 91,436 head higher than the same week last year.

Jul 24 Hogs closed at $89.575, up $0.125,

Aug 24 Hogs closed at $89.500, up $1.400

Oct 24 Hogs closed at $75.725, up $1.000,

On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

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