Lean hog futures came back into the close after gapping lower at the open, as contracts closed 2 to 92 cents higher in the nearbys and down a quarter in October. July was up 47 cents on the week. USDA’s national base hog price was $108.09 in the Friday PM report, up 9 cents from the previous day. The CME Lean Hog Index was up 48 cents at $111.89 on June 25.

CFTC data showed the managed money crowd in lean hog futures and options adding 4,442 contracts to their now record net long position of 134,292 contracts.

The quarterly Hogs & Pigs report from NASS showed a 0.33% increase in all hog inventory at the beginning of June to 75.137 million head. That was above the analysts’ estimates calling for a 0.4% drop from a year ago. Market hogs were up 0.4%, with hogs kept for breeding down 0.48%.  March to May farrowings were down 0.45% at 2.907 million head, with June to August intentions at 2.974 million, a 0.37% drop from last year. The March-May pig crop was 1.27% larger yr/yr to 34.171 million head.

USDA’s Thursday morning FOB plant pork cutout value was back down $2.19 at $117.46. The belly led the charge lower, reversing the midday print, down 13.10. Federally inspected hog slaughter for this week as estimated at 2.408 million head by USDA. That is up 51,000 head from last week but 9,344 head below the same week last year. 

Jul 25 Hogs  closed at $113.250, up $0.925,

Aug 25 Hogs  closed at $110.275, up $0.025

Oct 25 Hogs  closed at $94.625, down $0.250,