Are Lean Hogs Out of Gas?
Lean Hogs
Daily Direct Hogs Plant Delivered (as of 1:30 PM CT)
Carcass Base Price
Range: 114.00-136.00
Weighted Average: 123.69
Change from Prior Day: 2.32
Head Count: 6,089
Daily Hog Slaughter
440,000. Down 12,000 from last week and 24,000 from last year.
Commitments of Traders Update
Friday’s Commitments of Traders report showed that Managed Money were net buyers of 8,402 futures/options contracts through August 9th. This expands their net long position to 65,153 contracts
Technical Snapshot
October lean hogs made new contract highs on Thursday, but it really lacked conviction. The lack of conviction helped spark some moderate profit taking on Friday. Bearish news from China has put some weakness into the outside markets, this may spill into hogs to start the week. If the market does experience weakness, a retracement to last week’s breakout point would be the first downside objective,
Resistance: 101.65**
Pivot: 100.375-100.825
Support: 98.05-98.25***, 96.775-97.525***, 94.30-95.30***
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