Caught some decent action in hog futures this morning - lean hog contracts are up a tick to 15 cents in the front months. USDA's national base price sitting at $90.33, and the CME Lean Hog Index came in at $90.55, up 37 cents. The pork carcass cutout value is down a bit though, at $98.78 per cwt, but belly and rib primals are holding up okay. What's interesting is the slaughter numbers - Thursday's federally inspected hog kills hit 491,000 head, bringing the week's total to 1.944 million. That's actually running below last year's pace by about 132,550 head, which could be supporting prices. Looking at the hog contract ladder, April's at $95.80 (up $0.125), May at $100.55 (up $0.025), and June sitting at $109.975 (up $0.075). Worth watching if you're tracking the hog complex - the supply tightness relative to last year could keep pressure on the upside.