June Lean Hogs opened on weakness and traded lower to the low at 106.625. This took price just below support at 106.85 and it held as bulls took over and price grinded higher the rest of the session. It made the high at 108.35, a new high for the up move and it settled near the high at 107.925. Settlement was right at the key level at 107.925. The cash market has continued higher as both indices are making new highs, helping futures sentiment. The cutouts should continue higher as Monday’s cutouts pierced 100. The rally in Hogs didn’t produce a bullish candlestick however, with the result of the day’s trade creating a spinning top candle, indicating indecision in the market. If price can overcome the key level at 107.925, it could test resistance at 109.85. A failure from settlement could see price test support at 106.85. Support then comes in at the April 3rd high at 105.725.
The Pork Cutout Index increased and is at 96.88 as of 04/05/2024.
The Lean Hog Index increased and is at 86.31 as of 04/04/2024.
Estimated Slaughter for Monday is 472,000, which is above last week’s 358,000 and last year’s 349,873.
For those interested I hold a weekly livestock webinar on Tuesdays and my next webinar will be Tuesday, April 09, 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.
**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
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