Lean hog futures gained 50 to 77 cents across most contracts on Friday, while the October contract lost 87 cents over the week. USDA reported a national base hog price of $94.27, up $1.93 from the previous day, and the CME Lean Hog Index declined by 24 cents to $93.72 as of August 19.
According to the Commitment of Traders data, managed money increased their net short position in lean hog futures and options by 8,365 contracts during the week of August 18, bringing the total to 23,486 contracts. Additionally, USDA’s pork carcass cutout value rose by $1.47 to $97.96, while federally inspected hog slaughter for the week was estimated at 2.366 million head, 32,000 head above the previous week but down 51,924 head from the same week last year.
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