Limited trade was reported on Monday as most participants test the market following the USDA WASDE release on Friday.

The Federal Reserve plans to meet tomorrow and Wednesday to discuss the state of the economy and the debt ceiling. The Fed has already raised interest rates ten times in the last year to grapple with rising inflation. If the Fed decreases rates or holds them steady, it indicates inflation is cooling and consumers may increase spending and borrowing again.

For the week ending June 17^th, 2023, hog slaughter is forecasted at 2.375 million head, a 0.5-percent decrease from 2022 and a 0.5-percent drop with lower slaughter levels expected for the summer season. According to the USDA Actual Slaughter Under Federal Inspection for May 13^th, average live weights were at 287 pounds. Over the next six weeks, hog slaughter is expected to average 2.283 million head per week, up 1.6 percent from 2022 and 0.7 percent from 2021…