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Lean hog futures traded mixed on Friday, with contracts staying within 12 cents of unchanged. December futures decreased by 47 cents last week, while the USDA’s national base hog price dropped 82 cents to $85.56. The CME Lean Hog Index was down 55 cents at $93.63 as of October 22.
The USDA reported a pork carcass cutout value increase of $3.03 to $102.74 per cwt, with federally inspected hog slaughter estimated at 2.584 million head for the week. This figure is down 4,000 head from the previous week and 7,299 head lower than the same week last year. Speculators were at a record net long heading into the government shutdown, though recent price movements suggest some liquidation of those positions.
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