Lean hog futures exhibited mixed movements on Friday, with contracts varying from a decline of 27 cents to an increase of 40 cents. Notably, the June contract saw a weekly drop of $1.77. The USDA’s national average negotiated price for hogs stood at $94.47, reflecting an increase of $0.45, while the CME Lean Hog Index decreased by 9 cents to $90.07 as of May 7.
Managed money expanded their net long position in lean hog futures and options by 2,979 contracts as of May 6, bringing the total to 70,622 contracts. Additionally, the USDA estimated federally inspected hog slaughter for the previous week at 2.437 million head, a reduction of 49,000 from the prior week, but an increase of 56,877 year-over-year. The FOB plant pork cutout value rose by $3.33 per cwt, reaching $97.83, with the belly primal being the only segment to report a decrease.
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