Lean hog futures saw gains of 90 cents to $1.27 on Friday, with October futures closing up $1.02 for the week. Open interest increased by 2,289 contracts. On August 25, the USDA reported the national base hog price at $89.57, a decrease of 19 cents from the previous day, while the CME Lean Hog Index fell by 28 cents to $92.14.
The USDA’s pork carcass cutout value rose by $2.26 to $96.06, driven by gains across all primals, particularly a $6.30 increase in the belly cut. Estimated federally inspected hog slaughter for the week reached 2.377 million head, which is 11,000 more than the previous week but down nearly 10,000 from the same week last year.
As of Friday, managed money added 7,649 contracts to their record net short position in lean hog futures, totaling 31,135 contracts.
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