Lean hog futures traded between 97 cents and $1.50 lower at midday, according to a May 5 report. The United States Department of Agriculture did not release the national base hog price on Monday morning due to light trading volume, while the CME Lean Hog Index dropped by 11 cents on April 30 to $91.30.
The movement in futures comes as managed money reduced its net long position in lean hog futures and options by over 8,000 contracts, bringing the total net long down to just above 57,500 contracts. This information was published in recent Commodity Futures Trading Commission data.
Meanwhile, the USDA’s pork carcass cutout value from Monday morning’s report increased by 35 cents to $97.94 per hundredweight. The loin and ham primals were reported lower compared to other cuts. The estimated federally inspected hog slaughter reached about 2.446 million head for the week, which is down slightly from last week but higher than this time last year.
Legacy Farmers Cooperative plays a role in supporting agricultural producers across ten counties in northwest Ohio according to the official website. The cooperative maintains facilities such as grain centers, agronomy sites, fuel stations and retail locations throughout northwest Ohio according to the official website. It also supports community initiatives including local youth programs like 4-H and FFA, county fairs and scholarships according to the official website.
Structured as a member-owned cooperative with more than 150 employees across its divisions according to the official website, Legacy Farmers Cooperative aims to exceed customer expectations by offering top value and financial returns for its members according to the official website.
