Lean Hogs Technicals (August): It was the last trading day of the month and quarter, which may have been the main catalyst for breaking lean hogs below what we have labeled a “MUST HOLD” support level, defined by the 200-day moving average and trendline support. This will now act as our pivot pocket, 103.00-103.95. Resistance: 108.125**, 109.45***,...
Lean Hogs The quarterly Hogs and Pigs report will be out after the close. Estimates are: All hogs and pigs - 99.0% Breeding herd - 98.9% Market hogs - 99.0% Technicals (August): Lean hog futures broke lower yesterday, trading into 4-star support from 103.00-103.95. This pocket represents trendline support and the 200day moving average. A failure here could take...
Lean Hogs Technicals (July): July lean hogs were able to breakout above trendline resistance and the 50-day moving average which led way to an extension to our next resistance level mentioned in yesterday’s report, we’ve defined that wide ranging pocket as 112.825-114.00. Previous resistance will now act as support, that comes in near 110.50-111.475. Resistance:...
Commitments of Traders Update: Friday’s CoT report showed Managed Money were net sellers of 3,641 futures/options contracts through June 14th. This shrinks their net long position to 18,832 futures/options. Broken down that is 44,483 longs VS 25,651 shorts. Technicals (July): July lean hogs gaped higher on Friday but couldn’t get much else going after fizzling...
Lean Hogs Technicals (July): July lean hogs were all over the place today as the market attempts to find its footing. The close out above resistance from 106.75-107.75 is encouraging and could encourage additional buying to 110.775-11.625. This pocket represents the 50 day moving average and trendline resistance from March 31st high. The Bulls have their work...
Lean Hogs Commitments of Traders Update: Friday’s CoT report showed Managed Money were net buyers of 4,335 futures/options contracts, through June 7th. This expands their net long position to 21,630. Broken down, that is 46,526 longs VS 24,896 shorts. Technicals (July): July lean hogs were able to stabilize on Friday after defending MUST HOLD support on...