Traders have been expecting a near term top in cash and pork product markets for at least a week, but these markets continue to push higher. This has left futures at a discount to the cash markets, which could provide solid support if cash fundamentals remain firm. The CME Lean Hog Index as of June 19th came in at 98.27, up 2.09 from the previous session and up from 92.06 the week before. Pork cutout values, released after the close yesterday, came in at $98.46, up $1.44 from Wednesday and up from $91.58 the previous week. This is the highest the cutout has been since October 24, 2011. With most commodity markets under heavy selling pressure yesterday, hogs were one of the few markets to show some life, and the market managed to post moderate gains on the day. The discount to the cash market, a higher trade in cash markets again yesterday and the jump in the pork product markets over the past few weeks have helped support the buying. For this afternoon's Cold Storage Report, most traders are looking for a slight decline in frozen pork stocks from last month, but they still expect them to be up sharply from last year and likely at a record high for the month of May. Some traders even have stocks higher than April's 659.5 million pounds, even though stocks typically decline 6% in May. The estimated hog slaughter came in at 398,000 head yesterday. This brings the total for the week so far to 1.577 million head, up from 1.573 million last week at this time but down from 1.607 million a year ago.