**Lean Hog Market Update – June 23, 2023**
On June 23, 2023, lean hog futures saw gains between $1 and $1.37, despite July contracts closing down $2.10 for the week. The USDA reported a national base hog price of $93.44, a decrease of $1.85 from the previous day. The CME Lean Hog Index fell to $91.78, down 7 cents.
USDA’s latest Hogs and Pigs report indicated a slight decline in the June 1 hog inventory, with a total of 73.664 million head, reflecting a 0.04% decrease from last year. Breeding hogs decreased by 1.16% to 5.88 million head, while market hog inventory rose by 0.05%. The March-May pig crop increased by 0.2% to 33.521 million head, with farrowing intentions expected to drop by 2.19% to 2.9 million head for the June-August period.
In trading data, managed money was net short 25,560 contracts in lean hog futures as of June 23, an increase of 4,601 contracts. The USDA estimated this week’s federally inspected hog slaughter at 2.371 million head, steady with last week but 18,368 head higher than the same week last year.
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