Hog prices were up, although analysts were concerned there wasn’t enough price support. “Pork prices have not risen enough to warrant today's jump, so short covering is likely responsible for much of today's buying,” Stewart-Peterson said. “With hogs just off of recent lows and cattle near contract highs, keep an eye out for spread reversing.”

Hog slaughter rates were running lower, closer to last year than they had in January. “We might have to get used to slaughter running maybe just two percent above a year ago,” Terry Roggensack, with the Hightower Report, said. “That pullback in production might be all the market needs to put in a short-term low.”