Lean hog futures were weaker on Friday, with contracts down a dime to 57 cents on the day, as February was $1.20 lower last week. Preliminary open interest was down 2,735 contracts on Friday, with February (down 9,061 contracts) the only contract to see a drop. USDA’s national base hog price was reported at $68.08 on Friday afternoon, which was down $1.29 from the day prior. The CME Lean Hog Index was down 27 cents on Jan 7 at $80.98.
CFTC data from Friday afternoon showed managed money adding back 2,937 contracts to their net long in lean hog futures and options as of January 6. That took the net long to 81,858 contracts.
