Lean Hogs Reach Uncharted Territory

CME:HE1!   Lean Hogs Futures
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***

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