July hogs saw choppy trading during a large portion of Friday's session, with an uncertain outlook for cash trading this week helping to limit early strength. While many traders expect a declining slaughter pace into June, poor packer margins, high weights and hefty cold storage supply were widely seen to have pressured the market. Weakness in cash and pork values last week along with weak packer margins were also thought to have weakened the market as well. The CME Lean Hog Index as of May 23rd came in at 85.28, up 39 cents from the previous session and up from 80.81 the week before. This leaves July hogs at a slight premium to the cash market. Pork cutout values released after the close Friday came in at $77.97, down 23 cents from Thursday and down from $81.48 the previous week, and this was the lowest level since May 1st. Cut-out normally increases in May as supply tightens but weak packer margins have led to a slow pace of pork moving through the pipeline, which has caused higher weights, higher than expected production and increasing amounts of pork moving into cold storage. The estimated hog slaughter came in at 392,000 head Friday and 10,000 head for Saturday. This brought the total for last week to 2.069 million head, down from 2.113 million head the previous week but up from 2.045 million head a year ago.