Lean hog futures experienced mixed results on January 2, 2023, with February contracts falling $1.125 to close at $79.650, while April and May contracts saw minor increases. The national average negotiated hog price rose by 6 cents to $79.65, while the CME Lean Hog Index decreased by 87 cents to $83.12.
Managed money speculators reduced their positions by 13,044 contracts, leaving a net long of 108,941 contracts in lean hog futures and options as of December 31. The USDA reported a FOB plant pork cutout value of $87.83 per cwt, down $1.71, with only the belly primal reporting an increase of $5.81. Federal hog slaughter was estimated at 447,000 head, down 54,000 from the previous week and 21,922 lower than the same Monday last year.
