Frozen pork supplies at the end of March were down 10 percent from the year-ago period with pork bellies down 26 percent, according to USDA. Beef stocks at the end of March were 1 percent lower than one year ago but still nearly 2 percent above the five-year average.

"It's encouraging news," Ron Plain, agricultural economist at the University of Missouri told Meatingplace. "It indicates demand may be stronger than we expected. Whether it's domestic demand or export demand, somebody was buying quite a bit of pork during the month of March."

According to Daily Livestock Report newsletter authors Steve Meyer and Len Steiner pork belly stocks defied the typical seasonal trend of stocks rising into the spring in anticipation of high-demand summer business. However, belly stocks are still nearly 6 percent higher than the five-year average, according to the livestock analysts.