With an overbought market, June hogs “seem to be struggling to find new buying interest near the $99.00 level,” The Hightower Report said. Wholesale pork prices in China increased 6.3% in March, and for the second half of the year, a Chinese ag ministry official “sees pork prices up more than 70% from last year, The Hightower Report added.

However, THR added that the market “seems to have the supply and demand fundamentals to remain in an uptrend longer term, but the market is short-term overbought.” The support for June hogs will come in around $94.65, and $102.20 is the next upside target they said.