While there re no clear trends on the continuous monthly chart for nearby lean hog futures, the key takeaway is the market had rocketed into largely uncharted territory as of the end of March. The nearby futures contract close at $101.05, well above the previous quasi-ceiling near $90.50 (red line), and a level not seen since October 2014 as the market was in a major downtrend. That move started with a peak of $133.80 during July 2014 as part of a bearish spike reversal. The current uptrend also began with a spike reversal during April 2020 as the great Pandemic Plunge came to an abrupt end with a low of $37.00. How high might the market go? There is no way to project a top at this time given fundamentals remain incredibly bullish. The June-August futures spread closed Thursday at $4.175, so far above the previous 5-year high for the week of $0.525 it is nothing more than a mere speck in the rear-view mirror. As I’ve said a number of times in a number of places with this month’s commentary and analysis, until the fundamentals change there is no reason to believe the major trends will suddenly change course. Again, Newsom’s Market Rule #6 reminds us, “Fundamentals win in the end.”