Lean hog futures caught my attention on Friday - they're moving up across the front months, ticking 15 cents higher. If you're wondering what is hog in the futures market, it's basically the CME's lean hog contract tracking live hog prices. The CME Lean Hog Index hit $90.55 on March 4, up 37 cents, while USDA's national base was sitting at $90.33 that morning.

What's interesting is the pork carcass cutout value dropped 44 cents to $98.75 per cwt, but certain cuts like belly and rib primals held up better. Thursday's slaughter numbers came in at 491,000 head, bringing the weekly total to 1.944 million - that's actually down 7,000 from the previous week and about 132,550 below the same period last year.

Looking at the contract ladder, April hogs were trading around $95.80, May near $100.55, and June pushing toward $109.97. The what is hog question matters more when you see this kind of price structure - it shows how the market's pricing in future supply tightness. Slaughter being lighter year-over-year is something to keep an eye on.