On Monday, October lean hog futures declined slightly while December contracts increased by 35 cents. The USDA reported a national base hog price of $109.02, down 24 cents from the previous report. Additionally, the CME Lean Hog Index rose by 33 cents to $110.28 as of July 24.
As of June 30, USDA’s monthly Cold Storage report indicated pork stocks totaled 422.29 million lbs, reflecting a 6.32% decrease from May and an 11.1% drop compared to the previous year. Last week’s hog slaughter was estimated at 2.338 million head, down 4,000 head from last week and 100,899 head year-on-year.
The USDA’s Monday morning FOB plant pork cutout value rose by $2.20 to $121.06 per cwt, with all primals except the butt showing increases. Managed money has trimmed their net long position by 4,186 contracts to 110,407 as reported in the latest CFTC data.
