Lean Hog futures finished lower for all contracts today as there was a lot of weakness in the market early on but upon the close the April contract showed nice resilience by rebounding off the lows to settle at 84.950. Deferred months couldn’t find the same buying interest as the June contract finished 92.5 cents lower settling at 100.80. Noon cut out showed a $1.16 increase to 85.52 on 261 loads.
April lean hogs traded in a $1.275 range; barely breaching yesterday’s low. Today marked the third daily close below the 20-day moving average, which will continue to act as resistance at $85.90. Overall, bulls are looking to make a higher low in the current move and make a higher high, above $89.875 in the days ahead. Additional resistance is at the 40-day moving average near $86.64, then psychological $87.00 level. Bulls need to hold prices above initial support at today’s low of $84.075. That’s backed by the Feb. 13 low of $83.70, then by the Feb. 6 low of $82.35. Bears are targeting the Feb. 7 low of $81.275.
April Hogs
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