Lean Hogs Due for Relief?Lean Hogs
Technicals (June-M)
June lean hog futures shipped back higher midmorning but retreated back near unchanged by the close. Trendline support continues to hold which bodes well for some relief to the upside from these levels. A break and close below yesterday's low of 102.175 would neutralize that bias. A close above 104.20 could trigger a move back to 105.45-106.00. This pocket represents previously important price points as well as the 50% retracement of the recent move.
Resistance: 105.45-106.00*,109.175-109.65
Pivot: 103.00-103.50
Support: 102.175**, 101.00-101.50, 98.60-99.20
Seasonal Tendencies
Below is a look at historical seasonality's for June lean hogs (updated each Monday) VS today's prices (black line).
*Past performance is not necessarily indicative of futures results.
Commitment of Traders Snapshot
(updated on Mondays)
Friday's Commitment of Traders report showed Funds were net buyers of roughly 19k contracts, expanding their net long position to 92,731 contracts. Looking back at historical holdings, this is nearing a record, that was set back in 2013 when funds were long 97,952 contracts.
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