Lean Hogs Dec '25 (HEZ25)

Lean hog futures were 20 to 77 cents higher on Thursday, as April slipped 42 cents last week. Open interest was down 1,597 contracts on Thursday. USDA’s national base hog price was reported at $90.35 on Friday afternoon, down 96 cents from the day prior. The CME Lean Hog Index was down another 24 cents on April 1 at $90.17. 

Monthly trade data from Census converted to a carcass basis showed pork exports at 574.24 million lbs. That was the 4th largest on record for February and down 2.7% from January.

Managed money was busy cutting 7,275 contracts from their net long in lean hog futures and options as of March 31, taking it to 94,208 contracts.

USDA’s pork carcass cutout value from the Friday PM report was up $1.76 at $98.95 per cwt. The rib primal was the only reported lower. USDA estimated last week’s federally inspected hog slaughter at 2.396 million head. That was 116,000 head below the previous week and 113,486 head larger than the same week last year.

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