Hedge funds' bet on lower hog prices is the biggest in a year (CFTC, week to Nov 3)
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Commitments of Traders (US Commodity Futures Trading Commission), lean hogs futures, positions on Tuesday Nov 3, 2026: hedge funds and other money managers ("managed money") held 70,680 contracts betting on higher hog prices and 129,752 betting on lower hog prices, a net short of 59,072 contracts (18% of the 324,455 contracts open). A week earlier the net was short 51,646. Over the past year it ranged from short 59,072 (Nov 3, 2026) to long 128,463 (Feb 10, 2026). Positions show what large traders hold, not where prices go next. Source: CFTC Commitments of Traders.
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