Heavy selling pressure in cattle and lean hogs was observed yet again in Thursday’s trade. Are we near a low?
Lean Hogs (December)
December lean hog futures are the new wheat market as they continue to just bleed out with a failure to get back above the 200-day moving average in yesterday’s session. A continued failure keeps the door open for a test of the July 15th low, 77.725. This corresponds with old resistance at the start of the year.
Below is a look at historical price averages for February futures on a 5, 10, 15, 20, and 30 year time frames (Past performance is not necessarily indicative of future results).
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