July hogs closed 175 higher on the session yesterday, after a relatively wide 320 point daily trading range. Hog futures traded sharply lower early and fell towards the May 24th lows, but were unable to trade through those price levels as the market turned around and rallied sharply higher for the day. A more positive contribution from outside market forces and the current discount of futures to the cash market were seen as supportive factors. Some traders have pointed towards some recent stability with pork values as another positive factor for the market and may have an aggressive short-covering rally during yesterday's session. Cash markets traded $0.50 to $2.00 lower for the session as the market reacted to pork values falling towards their lowest levels since January this week. The CME Lean Hog Index as of June 3rd came in at 91.83, up 29 cents from the previous session but down from 93.33 the week before. The estimated hog slaughter came in at 406,000 head yesterday. This brings the total for the week so far to 800,000 head, up from 425,000 head last week at this time but down from 803,000 head a year ago. Pork cutout values released after the close yesterday came in at $88.41, up 77 cents from Monday but down from $89.86 the previous week.