Lean hog futures exhibited a mixed trend this week, with contracts fluctuating between an increase of 85 cents and a decrease of 67 cents. Specifically, August contracts rose by 25 cents. According to the USDA, the national base hog price increased by $1.25 to $98.30 as of Friday, while the CME Lean Hog Index saw a rise of 37 cents to $92.35 on July 8.
In the latest CFTC Commitment of Traders report, managed money added 1,635 contracts to a near net short position, bringing the total to 29,002 contracts. Additionally, USDA reported a higher pork carcass cutout value, which increased by $2.53 to $101.34. All primals were up, particularly the belly, which surged by $8.45. This week’s federally inspected hog slaughter was estimated at 2.369 million head, 395,000 head more than the previous week and 29,253 head above the same week last year.
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