Lean hog futures are mixed at midday, with most contracts fluctuating within 35 cents of unchanged. The USDA’s national base hog price was not reported on Monday, July 17, due to low trading volume. The CME Lean Hog Index for July 15 rose by 50 cents to $95.10.
The weekly CFTC Commitment of Traders report, dated July 14, indicated that managed money increased its near net short position by 1,436 contracts, bringing the total net short to 30,438 contracts. Furthermore, USDA reported a pork carcass cutout value of $103.68, a decrease of 73 cents, with the belly and ham being the only primals reported lower. Last week, federally inspected hog slaughter was estimated at 2.31 million head, down by 54,000 from the previous week, and 23,497 head below the same period last year.
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