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Lean hog futures experienced significant gains on Friday, rising by $1.40 to $2.50, with the October contract up $3.52 for the week. The USDA reported national base hog prices at $103.18, a decrease of $1.32 from the previous day. The CME Lean Hog Index rose by 6 cents on September 24, reaching $105.06.
According to the Friday afternoon Commitment of Traders report, managed money increased their net long position in lean hog futures and options by 186 contracts as of Tuesday, totaling 142,444 contracts. The NASS’s quarterly Hogs & Pigs report revealed a September 1 inventory of 74.472 million head, a decline of 1.35% from last year, with breeding hogs falling 1.82% to 5.934 million head.
USDA’s FOB plant pork cutout prices increased by $2.53 to $113.52 per cwt, with estimated federally inspected hog slaughter at 2.537 million head this week, down 15,000 from last week and 18,081 below the same week last year.
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