On Friday, lean hog futures increased by 22 to 62 cents across nearby contracts, though August futures fell by $1.35 for the week. The USDA reported the national base hog price dropped by $2.76 to $108.91. The CME Lean Hog Index also declined by 14 cents to $110.37 as of July 30.
The USDA’s report indicated a pork cutout value of $116.94 per cwt, a rise of $2.94, while hog slaughter for the week was estimated at 2.336 million head, up 6,000 from last week but down 6,879 from the same week last year. Commitment of Traders data showed a reduction in managed money net long positions by 2,821 contracts, leaving a total of 107,586 contracts by July 29.
August 25 hogs closed at $107.350 (up $0.225), October 25 at $90.050 (up $0.475), and December 25 at $82.350 (up $0.625).
