Lean hog futures are trading lower, with contracts down 97 cents to $1.50 at midday on April 30, 2023. The CME Lean Hog Index decreased by 11 cents to $91.30. The USDA did not report the national base hog price due to light trading volume and indicated that the pork carcass cutout value rose by 35 cents to $97.94 per cwt.
The USDA’s estimated federally inspected hog slaughter for the week is 2.446 million head, which is a decrease of 23,000 head from the previous week but 30,311 head higher than the same week last year. In a recent report, managed money reduced their net long positions in lean hog futures and options by 8,026 contracts, bringing the total net long to 57,565 contracts.
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