Traders are already looking to the upcoming U.S.D.A. hogs and pigs report for indications of a contraction in the breeding herd.

Manitoba Pork Marketing Co-op's Director of Risk Management Tyler Fulton agrees with some analysts who predict a shrinking will not take place, and in fact gains of 1 to 2 percent in most categories may occur.

The reason some industry experts are looking for a contraction is the cost of production has increased significantly year over year mainly due to higher corn prices.

Fulton feels because American producers have just come off 3 years of profitability, few will be ready to pull the trigger so quickly on downsizing their herds.

With that being the case, he recommends producers look at price protection in the near term in modest amounts, while putting off forward contracting for the summer months for now.