If you are in December hog futures, you will want to roll by the end of the week, if you have not already. February lean hogs started the week on softer ground but managed to defend the bottom end of the recent range, 65.40-66.50.
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February lean hog futures caught a big bid today, erasing all of yesterday’s losses. The market has seen three day stretch of volatility while remaining range-bound, perhaps we see will this setup for a breakout or a breakdown.
February lean hogs gave back Friday’s gains as prices retreated to their lowest level since August 7th, holding on to our technical support pocket which we had defined as 65.45-55.05.
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February live cattle futures crashed lower on Friday, testing and holding support pocket from 123.125-123.40. Yesterday they erased all of Friday’s losses and at one point erased all of Thursday’s too, testing a resistance pocket from 125.775-126.30.
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February live cattle started the day under pressure but caught a bid, midday as the cash trade started to pick up. It started with the Fed Cattle Exchange which sold 283 at an 116 weighted average.
February lean hogs continued their slide lower today as the market threatens to close the gap from September 11th, which comes in from 67.825-68.525.
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