Lean hog futures are in rally mode to round out August trade, with gains of $1.45 to $1.85 at midday. USDA’s national base hog price was reported at $88.65 on Monday morning afternoon, down $1 from the day prior. The CME Lean Hog Index was down another 62 cents on August 27 at $91.52.
Friday’s Commitment of Traders data showed managed money adding 7,649 contracts back to their now record net short position in lean hog futures and options during the week of August 25. That took their net short to 31,135 contracts.
