Hog Prices Hit 8 Week High
Mike Seery - InsideFutures.com - Wed Mar 13, 3:58PM CDT

Lean Hog Futures---Lean hog futures in the June contract traded higher for the 4th consecutive session up another 57 points at 80.82 hitting a 2 month high.

I have talked about the hog market in many previous blogs as I believe that there was a spike bottom created on February 20th at 72.20 as the breakout was around the 78.00 level as I will be patient and wait for some type of profit taking to ensue before entering into a bullish position, however I do think the bottom has been created.

At the present time the chart structure is terrible and the risk/reward is also not in your favor so be patient as I do expect some profit taking to come about therefore lowering the monetary risk.

Hog prices are now trading above their 20 and 100 day moving average as the trend has turned higher as the spread price between cattle and hogs was too wide in my opinion as that has finally narrowed.

We are entering the strong demand season of spring and summer as I still think there is room to run to the upside, however we are at an overbought level so be patient.

TREND: ---HIGHER

CHART STRUCTURE: POOR

VOLATILITY---HIGH

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