Hogs Look to Monday Trade
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Lean hog futures are trading lower, with contracts down 97 cents to $1.50. The USDA's national base hog price was not reported due to light volume, and the CME Lean Hog Index decreased by 11 cents to $91.30. Managed money reduced their net long positions by 8,026 contracts, totaling 57,565 contracts. The USDA reported a pork carcass cutout value increase of 35 cents to $97.94 per cwt, while hog slaughter estimates were at 2.446 million head, down from last week but up from last year.
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