On June 4, 2023, Lean hog futures experienced losses between 45 cents and $1.45, with the June contract closing at $93.575 and the August contract down $1.450 at $94.700. The USDA reported the national base hog price at $97.48, an increase of $1.37 from the previous day. The CME Lean Hog Index also saw a slight rise of 3 cents, reaching $92.63.
The USDA’s pork carcass cutout value dropped by $2.50 to $95.96 per cwt, with only the picnic cut showing an increase. Federally inspected hog slaughter was estimated at 485,000 head for Tuesday, bringing the week-to-date total to 950,000, which is down by 8,000 head from the prior Monday and 8,244 head compared to the same week last year.
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