Lean hog futures are down $1.30 to $2 at midday, with nearby August up a tick. USDA’s national base hog price was not reported on Monday morning due to thin volume. The CME Lean Hog Index was another 33 cents higher on July 23 at $97.91.
The weekly CFTC Commitment of Traders report showed managed money slashing 12,281 contracts from their previously near record net short position in the week of July 21. That took the net short to 18,157 contracts.
Cold Storage data from Friday showed June 30 pork stocks at 458.22 million lbs. That was up 9.44% from last year and 0.7% above the end of May.
USDA’s pork carcass cutout value was up $2.29 in the Monday morning report, at $106.92. All primals were reported higher. USDA estimated federally inspected hog slaughter for last week was 2.268 million head. That is 28,000 head below the week prior and 55,397 head shy of the same week last year.
Aug 26 Hogs are at $102.875, up $0.025,
Oct 26 Hogs are at $87.650, down $1.375
Dec 26 Hogs are at $78.400, down $1.925,
