The August hog futures contract extended the premium to the other nearby contracts after closing 25 cents in the black. The back months faded by as much as 97 cents. July hogs expired at $114.90. USDA’s National Average Base Hog price for Friday morning was $3.40 weaker to $115.27. The CME Lean Hog Index for 7/13 was up by 57 cents to $113.39.
Lean hog spec traders were 11,449 contracts more net long after a rotation of short to long through the week that ended 7/12. That left the group 39,934 contracts net long, an 11 week high.
Pork cutout futures were also mixed with a 50 to 90 cent gain in the nearbys and 67 to 82 cent losses in the other front months. USDA’s National Pork Carcass Cutout Value for Friday was up by $3.67 to $122.18. The week’s FI hog slaughter was estimated at 2.255m head through Saturday, from 2.288m head last week. The YTD hog slaughter trails last year’s pace by 3.9% with 66.6m head.
Jul 22 Hogs closed at $114.900, down $0.025,
Aug 22 Hogs closed at $109.825, up $0.250
Jul 22 Pork Cutout closed at $117.500, up $0.500,
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