Lean hog futures experienced modest buying on Friday but declined on Monday, with August futures initially up 45 cents, later seeing 2025 contracts drop 40 to 50 cents. The USDA reported a national base hog price of $109.88, an increase of $3.47. The CME Lean Hog Index noted a rise of 30 cents to $107.93 as of July 17. Preliminary open interest fell by 6,605 contracts last Friday, while speculators reduced their CFTC net long position by 17,186 contracts to 114,593.
This Monday, USDA’s FOB plant pork cutout value increased by $2.07 to $118.76 per cwt. All primals, except for pork butts, saw higher prices, particularly bellies, which rose by $4.83. The USDA estimated hog slaughter at 2.342 million head this week, which is 11,000 head lower than last week and down 31,523 year-over-year.
Aug 25 Hogs are at $107.050, up $0.575; Oct 25 Hogs at $90.275, down $0.350; Dec 25 Hogs at $82.450, down $0.350.
