Lean hog futures have declined by 90 cents to $1.60 as of midday trading. The USDA reported the national base hog price at $112.01 on Tuesday. The CME Lean Hog Index increased by 77 cents to $109.55 on June 20.
According to the delayed CFTC Commitment of Traders report from June 17, speculators added 11,632 contracts to achieve a near record net long position of 129,850 contracts. The USDA also reported a decrease in the FOB plant pork cutout value by 19 cents to $122.92 on Monday, while federally inspected hog slaughter for that day was estimated at 465,000 head, which is down 13,000 from the previous week but up 655 from the same day last year.
As of now, July 25 hogs are at $112.550 (down $0.900), August 25 hogs at $111.450 (down $1.600), and October 25 hogs at $95.800 (down $1.075).
