On Monday, lean hog futures ranged from steady to 70 cents lower, while the USDA reported the national base hog price at $97.77, an increase of $3.86 from the previous day. The CME Lean Hog Index fell 27 cents to $92.17 on June 18.
The USDA’s pork carcass cutout value decreased by 69 cents to $96.08 per cwt. Federally inspected hog slaughter was estimated at 468,000 head, a decline of 10,000 head from the previous Monday but an increase of 11,116 head compared to the same date last year. A Commitment of Traders report indicated that 7,258 contracts were added to the managed money net short in lean hogs, bringing the total net short to 20,959 contracts by June 16.
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