June hogs closed sharply lower on the session yesterday, following the recent downtrend in the cash market and reflecting weakness in other agricultural markets. June hogs fell to their lowest price levels since December of 2010. A steady downtrend for cash markets in the past week with June continuing to trade at a premium to the cash market was widely seen as a negative factor for the market. Although some traders feel that the market may be searching for a seasonal low, a recovery in pork values late yesterday led by higher ham values was thought to be the first positive news for the hog market in quite a while. Packer margins are still in the red for the past 2 to 3 months but margins have improved this past week. With the market heading into a traditionally strong demand season, other traders feel it may be difficult to project further decline for cash prices going into June. Weekly average weights for Iowa/Minnesota for the week ending April 28th came in at 276.1 pounds, which is down from 276.9 pounds last week but still sharply higher than 273.3 pounds last year and a 5-year average for this time of the year near 270 pounds. Slaughter came in at 409,000 head, which was below trade expectations and may suggest weaker packer demand for live inventory. This brings the total for the week so far to 1.230 million head, down from 1.240 million head last week at this time but up from 1.212 million head a year ago. The CME Lean Hog Index as of April 30th came in at 82.50, down 3 cents from the previous session and down from 82.65 the week before. Pork cutout values released after the close yesterday came in at $78.45, up 69 cents from Tuesday and up from $76.87 the previous week.