Trading was quiet coming off of the long holiday weekend. The May soybean meal contract fell to $406.30 today, further eroding last Wednesday’s gains. 

Hog slaughter finished last week at an estimated 2.46 million head, down 3 percent from the week prior. The slaughter is forecast to trend lower over the next six weeks, projected at an average of 2.48 million head per week, down 2.4 percent fom the prior six week average. The average of 2.48 million head represents a decrease relative to late February and early…