Walsh Trading Daily Insights
Commentary
December Lean Hogs saw some pressure after the opening trade took price to the high at 86.825. Price broke down hard after the open, drifted and took another turn down at the end of the day to the low at 84.425. It settled at 84.925. The pressure came as traders see a continuing weakening cash market as cutouts and cash prices soften. Settlement was below support at 85.325 and continued pressure could see price test support at 83.325. Support then comes in at 81.70. If settlement holds, we could see price test resistance at the declining 50-DMA now at 86.025. Resistance then comes in at 87.10.
The Pork Cutout Index ticked higher and is at 99.49 as of 10/28/2022.
The Lean Hog Index decreased and is at 93.77 as of 10/27/2022.
Estimated Slaughter for Monday is 491,000 which is above last week’s 483,000 and last year’s 474,000.
For those interested I hold a weekly grain (with Sean Lusk) and livestock webinar on Thursdays (except holiday weeks) and our next webinar will be on Thursday, November 03, 2022 at 3:00 pm. It is free for anyone who wants to sign up and the link for sign up is below. If you cannot attend live a recording will be sent to your email upon completion of the webinar.
**Call me for a free consultation for a marketing plan regarding your livestock needs.**
Ben DiCostanzo
Senior Market Strategist
Walsh Trading, Inc.
Direct: 312.957.4163
888.391.7894
Fax: 312.256.0109
Walsh Trading, Inc. is registered as a Guaranteed Introducing Broker with the Commodity Futures Trading Commission and an NFA Member.
tested support at the
Futures and options trading involves substantial risk and is not suitable for all investors. Therefore, individuals should carefully consider their financial condition in deciding whether to trade. Option traders should be aware that the exercise of a long option will result in a futures position. The valuation of futures and options may fluctuate, and as a result, clients may lose more than their original investment. The information contained on this site is the opinion of the writer or was obtained from sources cited within the commentary. The impact on market prices due to seasonal or market cycles and current news events may already be reflected in market prices. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
All information, communications, publications, and reports, including this specific material, used and distributed by Walsh Trading, Inc. (“WTI”) shall not be construed as a solicitation for entering into a derivatives transaction. WTI does not distribute research reports, employ research analysts, or maintain a research department as defined in CFTC Regulation 1.71.