Lean hogs are posting 27 cent to $1.40 losses on Tuesday. The USDA National Base Hog price was reported at $89.32 on Tuesday morning, down from the Monday afternoon print but up $2.59 morning. The CME Lean Hog Index was reported at $88.76 on July 5, down another 44 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 Tuesday morning Pork Cutout Value 44 cents lower at $95.55. The loin, rib, and belly were the 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 are at $89.400, down $0.275,
Aug 24 Hogs are at $88.825, down $0.700
Oct 24 Hogs is at $71.225, down $1.300,
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