In lean hogs, on a seasonal basis, we have generally tighter supplies from the start of the year into April. After late April, supply takes a more dramatic decline into the year's lows in the summer. That does not mean price goes straight up in this period. Spring is a period where a little shake-up is normally seen. Traders are aware of a slight slump in prices from the minor February or March peak into spring.
Futures traded mixed Monday, lower in the morning but up by the afternoon. The likely reason was more of a gap-filling move on the December than any real change in fundamentals. The December exactly filled the upside gap to 57.75. The type of day, with a lower low than the previous session but also a higher high, is called an Outside Day. The close higher implies slightly higher trade tomorrow morning.
Over the years as we have covered various sectors — from energies to stocks and stock indexes to fixed income to forex; and different asset classes from futures to equities to exchanges traded funds — trading has grown more complex.