Lean hog futures closed the week mixed, with contracts varying from a gain of 60 cents to a decline of a nickel. July futures rose $2.375 over the week, while USDA reported the national average base hog negotiated price at $104.95 on Friday, down $1.00 from Thursday. The CME Lean Hog Index, as of June 11, increased by 84 cents to $101.75.
As of June 10, speculators in lean hog futures and options increased their net long position by 16,592 contracts to a total of 118,218 contracts. Additionally, USDA’s FOB plant pork cutout value rose by $3.56 to $118.06, with federally inspected hog slaughter for the week estimated at 2.387 million head, an increase of 32,000 from the prior week and 4,648 head compared to the same week last year.
