Lean hog futures slipped lower into the Friday close, down 30 to 40 cents across the nearbys. The USDA national average base hog negotiated price was up 21 cents at $88.30 in the Friday PM report. The CME Lean Hog Index was steady from the previous day on March 26 at $89.13.

Weekly Commitment of Traders data from CFTC showed a total of 5,343 contracts cut back from the net long in lean hog futures and options as of March 25. That took their net long to 51,366 contracts. 

Thursday’s Hogs & Pigs data showed March 1 hog inventory at 74.512 million head, down 0.24% yr/yr vs. estimates of +1.2%. Market hogs were at 68.532 million head, down 0.21%, with the breeding herd down 0.6% to 5.98 million head. The December -February pig crop was down 0.16% to 33.701 million head as farrowings were revised (38,000 head) lower to 2.892 million head.

The Friday afternoon pork cutout print from USDA was up $1.72 at $96.56 per cwt. The rib was the only primal reported lower, with the belly up $4.59. USDA estimated the weekly Federally inspected hog slaughter at 2.48 million head. That was up 58,000 head from last week and 86,254 head above the same week last year. 

Apr 25 Hogs  closed at $86.700, down $0.325,

May 25 Hogs  closed at $88.475, down $0.375

Jun 25 Hogs  closed at $95.775, down $0.400,