Lean hogs ended Friday with some contracts up on the day and others lower. Overall changes were -$.10 to +$.52. Preliminary open interest suggests short covering, dropping 2,338 contracts. The CME Lean Hog Index was down a penny at $91.92 on June 5. USDA put the National Base Hog weighted average price at $85.98, down 25 cents from the previous day.
USDA’s National Pork Carcass Cutout Value was up $.22 at $100.91 in the PM FOB plant report. Loins added most of the value, as hams and bellies cooled off. The belly primal quote was down $2.81 from Monday to Friday. USDA estimated weekly federally inspected hog slaughter at 2.422 million head including a Saturday estimate for 40,000 head. That compares to 2.354 million head a year ago.
Managed money spec funds cut their net long in hogs by 13,138 futures and options contracts in the week ending June 4. The Commitment of Traders report put their net position on that evening at 16,254 contracts.
Jun 24 Hogs closed at $92.525, up $0.375,
Jul 24 Hogs closed at $93.500, up $0.525
Aug 24 Hogs closed at $91.675, down $0.000,
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