Lean hog futures held higher on Friday, with contracts 12 to 70 cents higher at the close, with August $1.20 higher on the week. Open interest rose 442 contracts on Friday. USDA’s national base hog price was down $2.77 in the Friday PM report to $99.37. The CME Lean Hog Index was another 40 cents higher on July 22 at $97.48.
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.
