Lean hog futures fell mostly $1.45 to $2.97 in the nearbys on Monday. Preliminary open interest dropped 5,757 contracts, suggesting some long liquidation. July futures expire today. USDA’s national base hog price was reported at $109.58 on Monday afternoon, up $2.89 from the day prior. The CME Lean Hog Index was down 4 cents at $107.10 on July 10.
USDA’s FOB plant pork cutout value from the Monday PM report was back up 38 cents at $113.85. The butt primal was back down $8.53, with the belly up $5.40. Monday’s estimated hog slaughter was 477,000 head according to the USDA. That was 1,000 head below last Monday and 2,067 head above last year.
