Lean Hogs

Lean hog futures settled with 10 cent to $2.225 losses on Friday. The CME Lean Hog Index was up 18 cents from the previous day to $63.73 on May 9. The USDA pork carcass cutout value was up 89 cents at $73.47 on Friday afternoon. The belly primal was up more than 16% for the week. The national base hog weighted average price was 89 cents higher at $61.98. The USDA estimated weekly FI hog slaughter at 2.313 million head. That is 16,000 fewer than last week but well above the same week in 2017. CFTC data showed spec traders adding 2,848 contracts to their net short position in hogs, taking it to -6,619 contracts on Tuesday. That is the most bearish reported net position for the fundsin hogs since April 2, 2013.

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