We examine whether mandatory price reporting (MPR), which is intended to facilitate transparent pricing, has impacted pricing relationships among U.S. hog markets. Hog markets are cointegrated both prior to and following enactment of MPR, but are not fully integrated in either period. That is, prices at alternative locations do not adjust one-for-one with price changes in other locations. Further, markets adjust to price shocks in other locations more slowly following MPR, which may be a coincidence associated with decreases in the proportion of spot market hog transactions.