Lean hog futures saw modest buying on Friday but have turned mostly lower on Monday. At midday, August was up 45 cents, but later 2025 delivery contracts were down 40 to 50 cents. They are well off the morning lows. Futures had been up a tick to 65 cents on Friday. Preliminary open interest was down 6,605 contracts on Friday. USDA’s national base hog price has a weighted average of $109.88 this morning, up $3.47 from the previous report. Negotiated transactions were limited, with WCB quotes withheld due to confidentiality restrictions. The CME Lean Hog Index was up 30 cents at $107.93 on July 17.
Speculators in lean hog futures and options cut 17,186 contracts from their CFTC net long position in the week o July 17 to 114,593 contracts.
