Lean Hogs Reach Uncharted Territory
Hogs
Daily Direct Hogs Plant Delivered (as of 1:30 PM CT)
Carcass Base Price
Range: 115.00-138.00
Weighted Average: 132.48
Change from Prior Day: 1.35
Head Count: 25,266
Daily Hog Slaughter
474,000. 5,000 more than last week and unchanged from last year.
Weekly Export Sales
Pork: Net sales of 21,500 MT for 2022 were down 31 percent from the previous week and 6 percent from the prior 4-week average.
Technical Snapshot
October lean hogs stuck their head out above the March highs as the market continues to stage a counter seasonal rally. Fundamentals remain strong and the chart looks good. With the market in uncharted territory, finding the next meaningful resistance point is a lot like a game of pin the tail on the donkey. The RSI is approaching overbought with a reading of 68. Typically, anything over 70 is considered overbought. Keep in mind though that we did see the RSI get to 84 back in February. So, a high RSI is not a good enough reason to short the market.
Resistance: ???
Pivot: 100.375-100.825
Support: 97.525-97.85***, 94.30-95.30***
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
Daily Direct Hogs Plant Delivered (as of 1:30 PM CT)
Carcass Base Price
Range: 115.00-138.00
Weighted Average: 132.48
Change from Prior Day: 1.35
Head Count: 25,266
Daily Hog Slaughter
474,000. 5,000 more than last week and unchanged from last year.
Weekly Export Sales
Pork: Net sales of 21,500 MT for 2022 were down 31 percent from the previous week and 6 percent from the prior 4-week average.
Technical Snapshot
October lean hogs stuck their head out above the March highs as the market continues to stage a counter seasonal rally. Fundamentals remain strong and the chart looks good. With the market in uncharted territory, finding the next meaningful resistance point is a lot like a game of pin the tail on the donkey. The RSI is approaching overbought with a reading of 68. Typically, anything over 70 is considered overbought. Keep in mind though that we did see the RSI get to 84 back in February. So, a high RSI is not a good enough reason to short the market.
Resistance: ???
Pivot: 100.375-100.825
Support: 97.525-97.85***, 94.30-95.30***
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
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