On Friday, lean hog futures closed higher, with August contracts rising $1.20 throughout the week, while prices for other contracts showed increases of 12 to 70 cents. The USDA reported a national base hog price of $99.37, down $2.77. The CME Lean Hog Index increased by 40 cents to $97.48 as of July 22.
Data from the weekly CFTC Commitment of Traders report indicated managed money reduced their net short position by 12,281 contracts, bringing the total to 18,157 contracts. USDA’s cold storage report revealed June 30 pork stocks at 458.22 million lbs, up 9.44% from the previous year and slightly above May levels.
USDA’s estimated federal hog slaughter for the week stood at 2.268 million head, 28,000 fewer than the prior week and 55,397 fewer than the same period last year. The pork carcass cutout value rose by 15 cents to $104.63, with only the butt and belly primals showing increased prices.
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