Lean hog futures experienced declines of $2 to $2.50 on Monday, with USDA reporting a national base hog price of $83.83. The CME Lean Hog Index fell 28 cents to $87.94 as of September 9. Managed money cut their net short positions in lean hog futures and options by 4,767 contracts, resulting in a total of -23,556 contracts as of Tuesday.
In the morning report, USDA’s pork carcass cutout value rose by 25 cents to $90.05, though the belly cut fell by $11.36. The estimated federally inspected hog slaughter reached 2.269 million head last week, a significant decrease compared to the same non-holiday week last year.
Current futures prices are as follows: October 26 Hogs at $79.275 (down $2.250), December 26 Hogs at $70.175 (down $2.525), and February 27 Hogs at $72.975 (down $2.225).
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