Lean hog futures experienced modest pullbacks on Thursday, with front-month contracts slipping between 12 and 32 cents. In contrast, several deferred-month contracts saw slight gains. Open interest climbed by 5,595 contracts, suggesting increasing trader engagement.

The USDA reported the national average base price for negotiated hogs at $98.95, marking a 66-cent increase from the prior day. The CME Lean Hog Index also advanced by 47 cents as of May 27, now sitting at $93.52.

In the pork cutout market, the USDA posted a Thursday PM value of $104.62, up $2.22 from the previous report. All primal cuts showed gains except for ribs, which posted a slight decline.

Thursday’s federally inspected hog slaughter was estimated at 480,000 head, pushing the weekly total to 1.439 million, down slightly compared to the same holiday week a year ago.

Key futures closing prices from Thursday:

• June 2025: $100.025, down $0.250
• July 2025: $102.975, down $0.325
• August 2025: $103.400, down $0.125

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