Lean hog futures experienced significant losses on Friday, with prices dropping between 30 cents and $2.80, particularly led by July futures which fell by $2.80. USDA reported the national base hog price at $93.85, a decline of $1.81 from the previous day. The CME Lean Hog Index was up 26 cents to $92.51 on June 3.
The CFTC’s weekly Commitment of Traders report indicated that managed money has reached a net short position of 6,551 contracts in lean hog futures and options, marking a shift of 19,536 contracts to the short side—the first such position in nearly two years. Additionally, USDA’s pork carcass cutout value was reported at $101.18 per cwt, with an estimated hog slaughter of 2.428 million head for the week, an increase of 75,193 head from the same week last year.
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