After a period of volatile trading, the hog market moved lower late in the session. Even with a 50 point recovery from the lows, June hogs still closed 37 lower for the day. The market traded moderately higher on the session early in the day, then June hogs rose to a new contract high and all-time high as another jump in pork cut-out values to their highest levels since September were seen as supporting the market. June was trading moderately lower into midday, then fell as much as 225 points below the all-time highs of 104.10. The steady jump in pork cut-out values has some traders looking for a steady rise in cash markets over the near-term. Pork cutout values released after the close yesterday came in at $91.78, up $1.01 from Monday and up from $89.39 the previous week. This is the highest pork cut-out since September 20th. Outside market forces of a stronger US dollar as well as sharply higher energy prices were widely seen as the main reasons for a mid-session selloff, as global growth may be threatened and pork exports could decline. Cash markets were steady to $0.50 lower yesterday, but are called steady to higher for today. The CME Lean Hog Index as of February 18th came in at 83.24, down 61 cents from the previous session and down from 85.49 the week before. This leaves April hogs at a 900 point premium to the cash market. The estimated hog slaughter came in at 422,000 head yesterday. This brings the total for the week so far to 816,000 head, down from 821,000 head last week at this time and down from 852,000 head a year ago. The monthly cold storage report released after the close showed frozen pork stocks as of January 31st at a much higher than expected 540.9 million pounds, up 14% from the previous month and up 10% from last year.