Lean hog futures are $.22 to $1.02 lower at midday, not finding any crossover buying interest from the sharply higher cattle market. The CME Lean Hog Index was down 17 cents at $91.75 on June 6. USDA put the National Base Hog weighted average price at $85.98, down 25 cents from the previous day.
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.
USDA’s National Pork Carcass Cutout Value was up $2.46 at $103.37 in the morning FOB plant report. Volatile pork belly primals were providing the lift, up $10.86. USDA estimated weekly federally inspected hog slaughter at 2.422 million head last week. That compares to 2.354 million head a year ago.
Jun 24 Hogs are at $92.300, down $0.225,
Jul 24 Hogs are at $92.975, down $0.525
Aug 24 Hogs is at $90.650, down $1.025,
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