Lean hog futures have decreased by 310 cents to $1.52 at midday, while the USDA’s national base hog price rose to $96.01, an increase of $1.83 from the previous day. The CME Lean Hog Index on June 4 registered a slight increase of 9 cents, reaching $92.60.
According to the CFTC’s weekly Commitment of Traders report, managed money now holds a net short position in lean hog futures and options of 6,551 contracts, marking a significant shift of 19,536 contracts to the short side—the first net short position in nearly two years. USDA’s pork carcass cutout value fell by 42 cents to $100.76 per cwt. Additionally, federally inspected hog slaughter for last week was estimated at 2.428 million head, reflecting an increase of 75,193 head compared to the same week last year.
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