On Monday, lean hog futures rose by 75 cents to $1, while the nearby July contract fell by $1.02. The USDA did not report the national base hog price due to light volume, maintaining a 5-day rolling average at $111.55. As of July 2, the CME Lean Hog Index decreased by 69 cents to $109.51.
Speculators increased their net long position in lean hog futures to a record 134,567 contracts, up by 275 contracts as of last Tuesday. The USDA reported a pork cutout value increase of $3.28 to $113.49, with estimated hog slaughter at 478,000 head, an increase of 9,000 from the previous week and 15,445 more than last year.
Closing prices were as follows: July 25 Hogs at $106.950 (down $1.025), August 25 Hogs at $107.100 (up $1.000), and October 25 Hogs at $92.875 (up $0.775).
