The director of risk management with Hams Marketing Services says cash prices for hogs haven't rebounded much in the past few weeks.

Tyler Fulton notes they've seen a counter-seasonal decline in the cash market over the last six to eight weeks.

"Normally this is the strongest time of the year," he explained. "Hog numbers are typically at their lowest for the year and pork demand is usually quite solid. This year, hog numbers have definitely been running higher, roughly about 2.5% larger than year ago levels and exports have not done a great job of clearing the US market of its inventory."

Fulton adds they noticed a decline this spring in US domestic demand, which was likely related to the increase in demand for beef.

He noted that gains in China have not been enough to erase weakness in Japan and Mexico, which are two major markets for US and Canadian pork.