Lean Hog futures settled with $1.125 to $2.30 gains in most contracts on Monday. Short covering drove the rally, although open interest dropped only 749 contracts. April dropped 11,519 on index fund rolling to June. The CME Lean Hog Index was down 4 cents from the previous day @ $51.71 on March 7. The USDA pork carcass cutout value was up $1.38 on Monday afternoon at an average weighted price of $66.42. The national base hog carcass value was up $1.24 on Monday at an average weighted price of $47.20. Monday’s USDA estimated FI hog slaughter was at 475,000 head, 10,000 head larger than last Monday and 16,000 head above last year.
--provided by Brugler Marketing & Management