Lean hog futures experienced steady gains on Friday, with August contracts slipping $3.35 for the week. The USDA reported the national base hog price at $97.67, a decrease of 63 cents from the previous day. The CME Lean Hog Index was also down 29 cents, reaching $96.66 as of August 4.
As of August 4, managed money reduced their net short position by 1,242 contracts to a total of 9,642 contracts, according to the weekly CFTC Commitment of Traders report. Additionally, USDA’s pork carcass cutout value rose $2.24 to $101.50, with a total hog slaughter estimate of 2.281 million head for the week—17,000 more than the prior week and 49,977 more than the same week last year.
Closing prices for hog futures on August 26 included August at $95.500, unchanged; October at $82.225, up $0.500; and December at $73.575, up $0.350.
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