**Lean Hog Market Update – May 26, 2023**
Lean hog futures closed mixed on Friday, with contract variations from 62 cents higher to 72 cents lower. June futures dropped $3 this week. The USDA reported a national base hog price of $93.23 on Friday, a decrease of 35 cents from the previous day, while the CME Lean Hog Index rose by 45 cents to $91.07. Additionally, pork stocks at the end of April were recorded at 435.79 million lbs, a 4.47% decrease year-over-year but an 8.7% increase from March.
The USDA estimated federally inspected hog slaughter for the week at 2.321 million head, down by 38,000 from the prior week and 35,490 year-over-year. The pork carcass cutout value was reported at $96.26 per cwt, up 62 cents. Meanwhile, managed money reduced its net long positions by 7,147 contracts, leaving a total of 33,713 contracts as of May 19. The CME will be closed on Monday for Memorial Day.
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