PIGS FLY ADMINSTRATION

PIGS FLY --: PIGS FLY ADMINISTRATION -- 5:25:04pm on Monday May 25th 2026

[DC-Ch-moukedima-issues-African-Swine-Fever-containment-advis---Eastern-Mirror] : DC-Ch-moukedima-issues-African-Swine-Fever-containment-advis---Eastern-Mirror[Lean-Hogs---The-------Retracement---Barchart-com] : Lean-Hogs---The-------Retracement---Barchart-com[ASF-outbreak-leaves-Bhutan-piggery-farmers-with-heavy-losses---insurancebusinessmag-com] : ASF-outbreak-leaves-Bhutan-piggery-farmers-with-heavy-losses---insurancebusinessmag-com

USDA CALENDAR---PIGS FLY CALENDAR

LH1_1
2026-05-22 13:05:00
95.800OPEN
95.850HIGH
95.775LOW
95.850CLOSE

LH2_1
2026-05-22 13:05:00
100.400OPEN
100.450HIGH
100.350LOW
100.400CLOSE

DATE	INDEX 1 Day	CME 2 Day	200 INDEX EST	203 INDEX EST	FINAL INDEX EST	202 INDEX EST	200 CASH	202 CASH	203 CASH	600 PRODUCT	602 PRODUCT	Weighted Midday	Weighted Afternoon	Combined Net Cash
2026-05-22	90.85	90.88	90.51	90.26	90.35	89.82	93.77	92.79	93.23	96.64	96.26	92.3575	92.34	91.81
CHANGE	-0.06000	-0.18	-0.40	-0.59	-0.01	-1.03	0.31		-0.35	1.00	0.62		-0.13	-0.14
COMPARED 200								-0.98	-0.54			PF - VALUE INDEX	92.417500	92.07

EOD FILE ------- EOD FILE LAST YEAR

PORK CUTOUT INDEX

600 Cutout Index	2026-05-22	96.89	-0.19
602 Cutout Index	2026-05-22	96.53	-0.25

FUTURES CHANGE

DATE	LN1	LN2	LN3	LN4	LN5	LN6	LN7	LN8	TOTAL
2026-05-22	95.750	100.400	100.075	87.125	79.850	82.700	86.575	89.700
WEEK CHANGE	-3.000	-2.950	-4.075	-3.975	-3.750	-3.550	-3.575
MONTH CHANGE	2.300	-1.875	-4.975	-18.325	-10.675	0.000	0.850	0.000
VOLUME PRE.	7073	16361	11116	7579	5270	2205	1056	0
10 DAY MA.	95.59	101.38	102.75	93.23	84.28	84.49	88.06	90.39
2026-05-22	LN1	LN2	LN3	LN4	LN5	LN6	LN7	LN8	TOTAL
VOLUME FINAL	7,488	16,907	11,400	7,928	5,339	2,219	1,056	0	52,455
OPEN INTEREST	33,040	93,034	58,333	67,055	44,591	17,757	10,505	103	326,769
OPEN CHANGE	-1,561	768	1,018	147	43	-136	143	0	443

LAST YEAR #Days Match UP(roll comparison)

2025-05-23

VOLUME FINAL	8,001	15,798	10,160	5,107	5,439	2,181	707	2	47,469
OPEN INTEREST	37,511	85,016	57,830	57,531	46,535	17,551	8,226	129	313,306
OPEN CHANGE	-1,527	672	402	121	89	307	245	2	332

LAST YEAR Calendar Matches up

2025-05-23

VOLUME FINAL	8,001	15,798	10,160	5,107	5,439	2,181	707	2	47,469
OPEN INTEREST	37,511	85,016	57,830	57,531	46,535	17,551	8,226	129	313,306
OPEN CHANGE	-1,527	672	402	121	89	307	245	2	332

--VOLOI DB TABLE
FINAL VOLUME AND OPEN INTEREST UPDATE 10AM CT
Volume OI Futures Lean hog
Daily Bulletin Futures-Calls-Puts

USDA 600

DATE	Carcass Loads	Carcass	Loin	Butt	Pic	Rib	Ham	Belly
2026-05-22	246.48	96.64	95.68	149.70	76.82	187.29	79.72	105.15
CHANGE	--	1.00	3.22	0.05	-0.11	4.41	-0.17	0.75

2026-05-25T17:25:11.000000-05:00--DB TABLE
USDA 602

DATE	Carcass Loads	Carcass	Loin 25.17% -.13	Butt 10.16% -.03	Pic 11.37% -.04	Rib 4.81% -.02	Ham 24.59% +.09	Belly 16.28% -.03
2026-05-22	326.17	96.26	95.13	147.38	76.10	188.04	80.07	104.89
CHANGE	--	0.62	2.67	-2.27	-0.83	5.16	0.18	0.49

DATE	CarcassLoads TYTD	CarcassLoads LYTD	Differnce	Percent
2026-05-22	29702.56	31360.57	-1658.01	-5.582044%

2026-05-25T17:25:11.000000-05:00--602 DB TABLE --610 DB TABLE --LOAD COUNT CHART --LOAD COUNT CHART WEEKLY - MONTHLY
Pork cutout handbook USDA Nrxt Update January 2027 primal yield values
Carcass = 92.37% -.17
Trim = Jowl 1.45% - Neck Bones 1.69% - Tails .15% - Front Feet .2% - Hind Feet 1.23% = Total 5.44% +.04
Cut Loss = 2.18% +.14
USDA 200

Date	CarcassVolume	CarcassWeightedPrice	ComparedToPriorCWA	BasePriceLow	BasePriceHi	Rolling5DayAvg	SPMFPackerVolume	SPMFBasePriceLow	SPMFBasePriceHi	SPMFBaseWtdAvg
2026-05-22	1270	93.77	0.31	87.00	95.00	94.10	144015	79.97	99.51	89.07

NegPackerVolume	NEGComparedToPriorCWA	NEGBasePriceLow	NEGBasePriceHi	NEGBaseWtdAvg	NEGBase5dAvg
1212		61.50	74.05	69.44

2026-05-25T17:25:11.000000-05:00--DB TABLE
USDA 202

Date	CarcassVolume	CarcassWeightedPrice	ComparedToPriorCWA	BasePriceLow	BasePriceHi	Rolling5DayAvg	SPMFPackerVolume	SPMFBasePriceLow	SPMFBasePriceHi	SPMFBaseWtdAvg
2026-05-22	512	92.79	-0.98	91.50	95.00		107304	79.97	98.61	89.23

NegPackerVolume	NEGBasePriceLow	NEGBasePriceHi	NEGBaseWtdAvg
1179	61.50	74.05	69.09

2026-05-25T17:25:11.000000-05:00--DB TABLE
USDA 203

Date	CarcassVolume	CarcassWeightedPrice	ComparedToPriorCWA	BasePriceLow	BasePriceHi	Rolling5DayAvg	SPMFPackerVolume	SPMFBasePriceLow	SPMFBasePriceHi	SPMFBaseWtdAvg
2026-05-22	1452	93.23	-0.54	90.00	95.00	94.23	126698	79.97	98.61	89.33

NegPackerVolume	NEGComparedToPriorCWA	NEGBasePriceLow	NEGBasePriceHi	NEGBaseWtdAvg
1179		61.50	74.05	69.09

IWMINNWeightedPrice	IWMINNRolling5DayAvg	WESTERNWeightedPrice	WESTERNRolling5DayAvg	EASTERNWeightedPrice	EASTERNRolling5DayAvg
93.81	94.62	93.48	94.47

2026-05-25T17:25:11.000000-05:00--DB TABLE
USDA 710

Date	CurrentDay	WeektoDate	WeekAgo	YearAgo	TotalForTheWeek	LastYearWTD	TotalFortheYear	TotalLastYear	Differnce YTD
2026-05-22	409000	2314000	438000	423320	2321000	2356490	50465187	50866803	-0.8

DATE

USDA 710 TYTD

USDA 710 LYTD

Differnce YTD

DATE	Project Weekly Slaughter TYTD	Last Year Weekly Slaughter LYTD	TYTD Differnce
2025-06-02	472260	463000	2%

2026-05-25T17:25:11.000000-05:00--DB TABLE

USDA 720 WEDNESDAY WEIGHTS

Current Date	Current Head Count	Current Weight	Year Ago Head count	Year Ago Weight
2026-05-16	760000	291.30	746000	287.90
2026-05-09	780000	290.80	764000	289.60
2026-05-02	780000	291.20	778000	290.50
2026-04-25	779000	290.90	775000	291.60

Comments from PIGS FLY database

TODAYS MESSAGES

2026-05-25

Cash was 93.23 and the net change was -0.35. The volume was 1452. The high was 95.00. and the low was 90.00. Product was 96.26 0.62 with 326.17 loads. Load count vs. last year stands at -1658.01. The index yesterday was 90.85 -0.06. The final index est we had was -0.01. The Pre. index estimate for today appears to be -0.59 at 90.26. The weighted index model was 92.34 -0.13. The net cash model was 91.81 -0.14. The index value was 92.07 -0.13. Basis in the front month contract was 5.000 and changed by 0.785 with the basis last year at 5.28. One year ago today the basis average in the front month contract for the 3yr and 5yr averages are 3.98 and 4.43. Negotiated vs. product margin was 3.03 the difference from yesterday was 1.65. Slaughter for the current day was 409000. This year total slaughter is running -0.8 versus last year with revision. The US corn front month futures per bushel was 4.64 0.01. The US soybean meal front month futures per bushel was 7.97 0.11 and per ton it was 332.00 4.70. The US dollar index was 99.32 0.13 -- China cash hogs 9.68rmb +.04. -- Today is US Holiday Monday May 25, 2026 Memorial Day and CME closed and USDA is closed. -- Next Holiday Is Friday June 19th, 2026 We thought we could see us test the high side in cash this week 96-97. Cash is starting to reach higher but does not seem to be dropping with this week with the range last week this week 87.00-95.75. Negotiated cash rolling 5 day value was 94.23 +.29. The product has a long term range from 95.14- 101.32. The last print was 96.26 +.62 in product. From last weeks high in product the top of the range this week -.68 in product. The close last Last Friday was 97.56 in product. We are seeing the value range yesterday at 92.07 -.13 and the 5 day value range has been 91.84-92.22. The value range has tighten now and trying to widen. Some feel like product is not going anywhere and the index will not pop until kill drops under 2400 kills most believe. Bellies sound like the could move towards 105-107 before being cleaned up and that might have happened yesterday reaching 104.40. Some feel this market is being setup so bellies could go into the freezer and then be pulled out by late June around 170. The weights seem to have gain this last week or so and might be saying we have hogs. Last weeks kill estimate was 2321 with 409k on Friday and Saturday had 7k. This week slaughter estimate is for 2220-2230. The USDA has 181k for Saturday. Last year was 2163 with 252k on Saturday and dailies averaged 484 over four days. Kill seems to be dropping but by cutting kill and the question is are the hogs there or being moved forward to the holiday week to fill in light schedule. The question is what is the kill going to be after the holiday week will show the supply level we think. We think they kill after the holiday week is looking like 2415-2425 but we are expecting this to change moving lower. Seaboard Guymon no kill every other Monday. Tar-heel sounds as if the will kill 4k less everyday. Hormel kill -1k less a day talking about cut kill now instead of paying up and now another packer is also cutting 1000 a day out from kill as well. Slaughter seems to be a big question if it holds current levels or drops. We have some plants that are taking #2 pigs because there isn't enough fill the schedule. The usmef said Mexico would not take any offal. With Mexico blocking offal this is going into 42 trimm which has been moving lower. The summers out look sound like 102-108 June with others thinks 112-115 July. We see Oct on back very under valued and could have a black swan event. We are hearing the supply for hogs is very tight starting this week and hog slaughter could start falling. Others thinks slaughter will hold together until May 15-30. Now it appears moving forward next two week packers cutting kill and holiday things are starting to look better for meat. After the holiday if we are still killing 2400 and under will be great. The July contract, Tuesday, 101.37-101.52 can contain buying into July expiration, below which 98.50 remains a 3-5 day objective, 94.20 likely by July expiration, the broader market in reach of 88.87 over the next 2-3 months where it can place a seasonal low. Upside, closing above 101.52 will keep 106.17 in reach by the end of June where the JUL-26 contract can top out into expiration.