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Lean hog futures closed mixed on Tuesday, with December up 27 cents to $80.500, while other contracts experienced declines between 12 to 50 cents. The USDA reported the national base hog price at $71.33, a decrease of 35 cents from the previous day. The CME Lean Hog Index fell by 25 cents to $81.67 on November 28.
USDA’s pork carcass cutout value was reported at $94.22 per cwt, down 57 cents, with hog slaughter estimates at 489,000 head for Tuesday, bringing the week-to-date total to 971,000—16,000 head below last week but 275 head above the same week last year.
CFTC data indicated a reduction in net long positions, with specs liquidating 11,697 contracts, resulting in a total of 117,231 contracts as of the week ending October 21.
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