Hogs Faces Pressure on Friday
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Lean hog futures experienced losses of 62 cents to $1.67 at Friday's close, with June futures down 62 cents for the week. The USDA reported a national base hog price of $92.64, down 61 cents from the previous day. Additionally, cases of pseudorabies were confirmed in a small Iowa hog herd, the first since 2004. Managed money reduced their net long positions in lean hog futures by 8,026 contracts, bringing the total to 57,565. The USDA's pork carcass cutout value rose by 83 cents to $97.59 per cwt, while hog slaughter estimates were down from the previous week but higher than last year.
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