Lean hog futures showed mixed results, with values rising between 50 cents and $1, while May futures declined by 22 cents. The USDA’s national base hog price was not reported on Monday due to low trading activity, and the CME Lean Hog Index fell by 23 cents to $90.79 as of May 7.
As of Tuesday, the Commitment of Traders data indicated a reduction of 6,483 contracts from the managed money net long position in lean hog futures and options, bringing the net long total to 51,082 contracts. The USDA reported that the pork carcass cutout value rose by $1.23 to $98.79 per cwt, despite decreases in the loin and belly primals. Federally inspected hog slaughter for the previous week totaled 2.446 million head, an increase of 4,000 from the prior week and 18,415 from the same week last year.
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