If this afternoon’s quarterly hogs and pig report is considered neutral by the trade, it could provide support to hog futures. CME’s latest lean hog index, the lowest since late January. Managed money traders hold record short positions, with over 31,000 contracts.
Bottom line analysts suggest that we may have established a bottom December lean hog last week near that $68 level. And consecutive closes on December over 72.5-73 can get those shorts very nervous. This is the bottom-line report.
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Audio Reporting by Mark Oppold for Southeast AgNet.