CFTC data on Friday afternoon showed that fund managers added 2,937 contracts to their net long positions in lean pork futures and options as of January 6, bringing the net long position to 81,858 contracts.
According to the USDA, the price of hog carcasses rose $1.53 to $92.32 per hundredweight on Friday evening. Prices increased across all major cuts. The USDA estimated the number of hogs slaughtered at 2.683 million, up 149,191 head from the same week last year.
Probable price ranges for the current week:
February Lean Pork Futures - $84.00 to $87.00, Upward
March soybean meal futures are $297.00 to $310.00, with a downward trend.
March corn futures - $4.34 1/2 to $4.53, sideways
For more information on the state of the US hog market, as well as on hog and pork prices in the US (and elsewhere), please see Meatinfo.ru's weekly meat market reviews in Russia and around the world.
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Average price of pigs
Negotiable price
Price in slaughter weight
Price in live weight
On a national basis LM_HG203:
-price range ($)
- weighted average price
-Change compared to the previous day
-sales volume
65.00-73.00
68.08
-1.29
1026
45.75-57.70
52.25
-0.40
976
Iowa/Minnesota LM_HG206:
- weighted average price
No data
No data
Western Corn Belt LM_HG212:
- weighted average price
No data
No data
Eastern Corn Belt LM_HG210:
- weighted average price
No data
No data
Weekly estimated pig slaughter volume, thousand heads