Pig outlook: Lean hog futures bulls are fading fast

August lean hog futures prices have backed well down from the June high, to begin to suggest a market top is in place. Cash hog and beef market fundamentals appear to have topped seasonally. The latest CME lean hog index is down 77 cents to $110.99 as of June 30. Pork cutout has shown weakness recently as well, falling another $3.07 to $112.30 on Tuesday, led by weakness in butts, bellies and ribs. Cutout is now $10.81 below the June 24 peak. Last week’s USDA Hogs & Pigs Report favored