[TITLE$Hog Futures Decline as Pork Prices Drop Below $96 per Cwt
Lean hog futures slipped 45 cents to $1.45 on Tuesday, with open interest rising 40 contracts indicating a shift in market positioning. USDA reported the national base hog price at $97.48, up $1.37 from the previous day, while the CME Lean Hog Index climbed 3 cents to $92.63 as of June 4. Despite the upward trend in hog prices, pork carcass cutout values fell $2.50 to $95.96 per hundredweight, with the picnic cuts remaining the sole primal to post a gain. USDA estimated Tuesday’s federally inspected hog slaughter at 485,000 head, bringing the week’s total to 950,000—down 8,000 from the prior Monday and 8,244 below the same period last year.
Spot contracts for June, July, and August deliveries closed at $93.575, $96.150, and $94.700 respectively, each posting declines between 45 and 145 points.