Livestock Report

Ben DiCostanzo General Commentary

Walsh Trading Daily Insights


June Lean Hogs opened lower, trying to put fear in traders hearts as the Thursday candle was bullish in my opinion, and trading to the session low at 88.80. Good sense took over and price rallied to the session high at 91.875. The rally stalled… it was mid-session and price consolidated and settled near the high at 91.425. It was a great way to end the week (if you are bullish) as the past 3 days formed a bullish Morning Star candlestick formation, which if the rally follows through, could take price towards the recent “June contract” high. As recently as March 13, the June contract was trading at 103.275. This could be short-covering as we head into the weekend and traders are now going to try and figure out what the upcoming Quarterly Hogs and Pigs report will show regarding supply and any expansion plans. Producers are telling me not to expect any expansion as they are not and have not been doing well. We’ll see… The Friday surge took price back up above the declining 200-DMA now at 90.15 and the key level at 90.40. This will be support in my opinion on Monday and if price can continue higher we could test resistance at 92.375. Resistance then comes in at 93.50.

The Pork Cutout Index decreased and is at 80.87 as of 03/23/2023.

The Lean Hog Index declined and is at 77.39 as of 03/22/2023.

Estimated Slaughter for Friday is 482,000, which is above last week’s 472,000 and last year’s 456,000. Thursday’s slaughter was revised higher to 490,000. Saturday slaughter 63,000, which is below last week’s 94,000 and above last year’s 56,000. The estimated slaughter for the week (so far) is 2,457,000, which is below last week’s 2,492,000 and above last year’s 2,411,000.

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, March 30, 2023, 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.

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**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


Fax: 312.256.0109

Walsh Trading, Inc. is registered as a Guaranteed Introducing Broker with the Commodity Futures Trading Commission and an NFA Member.​
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