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Going Pork-Crazy: Lean Hog Futures Soaring High amid Strength in Cash and Export Markets - Score Big with Plus500's $200 Commission-Free Bonus!
Lean hog futures are riding the bull wave on Friday, with earlybird contracts surging up to $0.50 and later contracts showing a slight dip but still up. The USDA's national average base hog negotiated price took a hit, falling $1.14 to $104.05 on Friday morning. However, the CME Lean Hog Index managed to clip 84 cents higher, sitting pretty at $101.75 on June 11.
On the bright side, USDA's FOB plant pork cutout value jumped $2.93 to $117.43, with only the butt reporting a decline. Federally inspected hog slaughter for Thursday reached 480,000 head, pushing the weekly total to a whopping 1.920 million head. This figure is a 17,000 head increase compared to the previous week and an impressive 34,524 head more substantial than the same week last year.
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Currently:- Jun 25 Hogs - Up $0.100- Jul 25 Hogs - Up $0.475- Aug 25 Hogs - Down $0.225
Although exact figures for the aforementioned contracts aren't listed as of June 15, recent futures activity and analyst summaries suggest:- Near-term overbought conditions but an overall positive outlook for further gains- Recent contract highs for summer months, with August futures leading the charge- Market's overall upward trajectory: The market has increased approximately 10.6% over the past month and an impressive 16% year-to-date, according to reports from June 13. With current spot prices hovering around 109.35 US cents per pound, expect some fluctuations in futures contracts based on delivery timeframes.
Analysts predict a strong near-term performance for the lean hog futures market, although a bit of consolidation might be needed after the rapid gains. The technical momentum supports the bullish sentiment, so keep an eye out for bullish moves in the upcoming weeks!
Investors may find a promising opportunity in the lean hog futures market, as analysts predict a strong near-term performance based on recent gains and a bullish technical momentum. Current trends indicate an overall increase of approximately 16% year-to-date, providing a potential avenue for investing in this commodity.
