Lean hog futures declined on Friday, with contracts dropping between 7 to 62 cents; October futures were down 47 cents for the week. The USDA reported a national base hog price of $93.30, reflecting a decrease of $4.07 from the previous day. The CME Lean Hog Index also fell, closing at $95.87 on August 12, down 2 cents.
In the week ending August 11, managed money added 5,479 contracts to their net short position in lean hog futures, increasing it to 15,121 contracts. The USDA estimated the federally inspected hog slaughter for the week at 2.334 million head, which is 63,000 head more than the previous week but 83,362 head fewer compared to the same week last year. The USDA’s pork carcass cutout value rose by 98 cents to $99.90.
Closing prices on August 26 showed August futures at $95.40 (down $0.075), October at $81.75 (down $0.375), and December at $72.475 (down $0.625).
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