On Monday, lean hog futures experienced mixed price movements, with contracts ranging from a decline of 50 cents to an increase of 90 cents. The USDA’s national base hog price was not reported due to thin trading conditions. As of July 1, the CME Lean Hog Index rose 19 cents to $91.67.
USDA reported a pork carcass cutout value increase of 19 cents to $96.25, primarily driven by higher values in the loin and butt primals. The estimated federally inspected hog slaughter on Monday reached 468,000 head, a rise of 16,000 from the previous week but down by 2,896 compared to the same Monday last year. CFTC data indicated that managed money increased its net short position to 27,367 contracts by adding 1,807 contracts as of June 30.
Specific hog futures prices on July 26 included: $93.350 (down $0.500), $98.525 (down $0.225), and $82.575 (up $0.550) for the respective contract months.
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