On Friday, lean hog futures rose by 90 cents to $1.27, with October contracts increasing by $1.02 for the week. The USDA reported a national base hog price of $89.57, down 19 cents from the previous day. The CME Lean Hog Index fell by 28 cents to $92.14 on August 26.
According to the Friday Commitment of Traders data, managed money increased its net short position in lean hog futures and options by 7,649 contracts, totaling a record net short of 31,135 contracts for the week ending August 25. USDA’s pork carcass cutout value rose by $2.26 to $96.06, with all primals higher, notably a $6.30 increase in the belly. The USDA estimated this week’s federally inspected hog slaughter at 2.377 million head, which is 11,000 head more than the previous week but 9,985 head fewer than the same week last year.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
