OliverSloup_BlueLine

Daily Lean Hog Market Commentary

CME:HE1!   Lean Hogs Futures
Hogs Summary
Daily Direct Hogs Plant Delivered (as of 1:30 PM CT )
Carcass Base Price
Range: 96.00-112.00
Weighted Average: 104.81
Change from Prior Day: -2.02
Head Count:8,165

CME Lean Hog Index
8/29/22: 109.36
8/26/22: 111.26

Daily Hog Slaughter
475,000. Down 5,000 from last week but unchanged from the same day last year.

Technical Snapshot
Lean Hogs
October lean hog futures gave back gains from the previous day's session after failing to get out above the 50 and 100 day moving averages. The pullback was disappointing for the Bulls, but it didn't do much in terms of changing the technical landscape. We know that the gap from July 6th remains open with the spring lows coming in below that. We like leaning on the bullish side of things so long as those support levels can hold. We've mentioned the bullish seasonal play in recent reports, that is for the June contract, which fared much better in yesterday's session.

Resistance: 98.05-98.25***,100.375-100.825***, 101.65**
Pivot: 94.225-94.975
Support: 91.50**, 89.40-90.225***, 86.825-87.40****

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