Lean hogs ended the Monday session with contracts anywhere from 42 cents higher to $1.55 lower. The USDA National Base Hog price was reported at $90.63 on Monday afternoon, down $1.18 from the previous day. The CME Lean Hog Index was reported at $89.20 on July 3, back down 25 cents from the previous day.
The Commitment of Traders report showed managed money spec funds were net short 8844 contracts of futures and hog options as of July 2. They were liquidating positions in that reporting week, resulting in a 252 contract smaller net short than the previous week.
USDA reported the Friday PM Pork Cutout Value $1.08 higher at $95.99. The butt and picnic were the only primals reported lower. USDA estimated the Monday FI hog slaughter at 476,000 head. That was down 1,000 head from the previous week but was 12,650 above the same week last year.
Jul 24 Hogs closed at $89.675, down $0.200,
Aug 24 Hogs closed at $89.525, up $0.350
Oct 24 Hogs closed at $72.525, down $0.950,
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