**Lean Hogs Market Update – May 24, 2023**
Lean hog contracts experienced a slight decline on Wednesday, May 24, with most contracts down by 30 cents despite early gains. The USDA’s National Average Base Hog negotiated price was reported at $87.64. The CME Lean Hog Index dropped 37 cents to $91.26.
In related news, China’s Ministry of Agriculture reported that their national sow herd stood at 39.86 million heads at the end of April, reflecting a 7% decrease year-over-year but only a minimal 0.1% drop from March. The USDA also indicated that the National Pork Carcass Cutout Value decreased by 92 cents to $102.48. The estimated federally inspected hog slaughter for Tuesday was 485,000 head, marking an increase of 14,000 from the previous week and 5,569 compared to the same week last year.
Key contract prices include June 24 Hogs at $93.875 (up $0.075), July 24 Hogs at $96.500 (down $0.025), and August 24 Hogs at $95.975 (down $0.125).
