Hogs Continue Higher

Ben DiCostanzoGeneral Commentary

October Lean Hogs Started the week strong as it rallied all session to the high at 76.125. The low came early at 74.55 ad settlement was near the high at 75.975. Strengthening fundamentals are driving futures higher as the cash markets bounce back after their recent declines. Consumer demand has been leading the way as grocers have been aggressive in purchasing pork, leading the cutouts to rally to recent highs. Cutouts were higher again on Monday led by hams and the belly. This could further embolden bulls as they would anticipate cash prices move higher in response to the strong cutout market. The rally stopped just shy of resistance at 76.175 with settlement below it keeping the pressure on bullish traders. A failure from settlement could see price test support at 75.60. Support then comes in at 74.25. If price can take out 76.175, it could test resistance at 77.80. Resistance then comes in at 79.80.

The Pork Cutout Index increased and is at 100.23 as of 07/19/2024. 

The Lean Hog Index increased and is at 89.71 as of 07/18/2024.

Estimated Slaughter for Monday is 459,000, which is below last week’s 478,000 and last year’s 459,967.

For those interested I hold a weekly livestock webinar on Tuesdays and my next webinar will be Tuesday, July 23, 2024, 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.

Sign Up Now

**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

bdicostanzo@walshtrading.com

www.walshtrading.com

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.