Lean Hogs Have Large Spec Fund Long

Lean Hog futures closed mixed in most contracts on Friday, with soon to expire Aug up $1.675 and other front months lower. Oct clawed back 1.9% last week from the steep loss of the previous week. The CME Lean Hog Index was down 58 cents from the previous day on August 7 at $82.85. The USDA pork carcass cutout value was up $1.75 on Friday afternoon at $90.44, the highest value since August 2017. The national average base hog value was down another 79 cents in the Friday PM report at $70.98. Estimated weekly FI hog slaughter was 2.354 million head, up 3,000 head from the previous week and 13,000 head above the same week a year ago. CFTC data showed spec funds in lean hog futures and options had their largest net long position since early June (40,978 contracts) on August 6.

---provided by Brugler Marketing & Management

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