On Monday, lean hog futures rose between five cents to 45 cents in the front months, while the USDA reported a national base hog price of $90.32, a decrease of 28 cents from the previous day. The CME Lean Hog Index also reflected a slight increase, reaching $91.44 as of April 23.
Cold Storage data revealed that as of March 31, pork stocks stood at 411.28 million lbs, representing a 0.44% increase year-over-year, and a 2.09% rise from the previous week. Last week’s federally inspected slaughter was estimated at 2.469 million head, down 17,000 head from the prior week but 53,057 head higher than the same week last year.
As of April 21, managed money decreased their net long in lean hog futures and options by 22,296 contracts, bringing the total to 65,591 contracts.
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