Lean hog futures fell between $2.17 and $2.80 on Monday, with USDA reporting a national base hog price increase of $4.66 to $112.51. The CME Lean Hog Index rose by 13 cents to $112.02 as of June 26. The managed money sector added 4,442 contracts to reach a record net long position of 134,292 in lean hog futures and options.
The USDA reported a decline in the FOB plant pork cutout value, down 93 cents to $116.53, primarily due to decreased demand for ribs and hams. Last week’s federally inspected hog slaughter was estimated at 2.408 million head, a rise of 51,000 from the previous week but 9,344 lower than the same week last year.
Specific contract prices on July 25 are as follows: Jul 25 Hogs at $110.625 (down $2.625), Aug 25 Hogs at $107.475 (down $2.800), and Oct 25 Hogs at $92.450 (down $2.175).
