July hogs closed 90 lower on the session yesterday and closed down for the third session in a row, as the market is already fallen as much as 305 points from Friday's highs. Many traders feel that short-term negative cash market influences are combining with current economic concerns to pressure the market going forward. Ham frozen stocks are up 46% from last year and total pork stocks are at their second highest total on record. Some traders feel that even if summer supply tightens, this extra supply could hold down pork values. Many in the market were expecting stocks near 615 million pounds, up from 549.3 million last year at this time. However, the USDA Cold Storage report showed end of April frozen pork stocks at 659.5 million pounds, which was up 20% from last year and up 8% from the previous month. This news was considered to be negative for hog futures, as pork stocks typically increase by 2% in April. Weak packer profit margins caused packers to lower their bids in the cash market, which may have helped to pressure futures as they continue to hold a large premium to the cash market. The CME Lean Hog Index as of May 18th came in at 83.23, up 1.21 cents from the previous session and up from 79.17 the week before. The estimated hog slaughter came in at 417,000 head yesterday. This brings the total for the week so far to 835,000 head, up from 818,000 head last week at this time and up from 808,000 head a year ago. Pork cutout values released after the close yesterday came in at $79.60, down $2.09 from Monday and down from $82.24 the previous week.