Lean hog futures are down $1.30 to $2 at midday, with nearby August up a tick. USDA’s national base hog price was not reported on Monday morning due to thin volume. The CME Lean Hog Index was another 33 cents higher on July 23 at $97.91.
The weekly CFTC Commitment of Traders report showed managed money slashing 12,281 contracts from their previously near record net short position in the week of July 21. That took the net short to 18,157 contracts.
