Lean hog futures concluded Wednesday in mixed trading, with nearby contracts falling 30 to 52 cents while longer‑dated contracts rose 10 to 40 cents. The USDA’s national base hog price stood at $95.56 on Wednesday afternoon, a $1.70 decline from the previous day, and the CME Lean Hog Index slipped 17 cents to $91.47 on June 22.
Market participants are focused on the USDA’s quarterly Hogs and Pigs report due out Thursday. A Reuters poll of analysts forecasts that June 1 hog inventories will be 0.9 % higher than a year earlier. Breeding‑hog numbers are expected to fall 0.7 %, while market hog inventories should rise 1.1 %. The March‑May pig crop is projected up 1.2 % overall, though farrowings are seen down 0.2 %.
The pork carcass cutout value from Wednesday’s PM report fell $1.39 to $93.86 per cwt, with only rib and ham primals showing gains. USDA estimated Wednesday’s federally inspected hog slaughter at 487,000 head, bringing the weekly total to 1.429 million—up 14,000 from the prior week and 27,357 above the same week last year.
Key futures settles: July ’26 hogs at $93.850 (‑$0.375), August ’26 at $96.700 (‑$0.525), and October ’26 at $80.900 (‑$0.300).
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