Lean Hogs Claw Back Early Losses
Hogs Summary
Daily Direct Hogs Plant Delivered
Carcass Base Price
Range: 114.50-126.00
Weighted Average: 115.61
Change from Prior Day: -8.08
Head Count: 3,203
Daily Hog Slaughter
428,000. Down 30,000 from last week and 47,000 from last year.
Technical Snapshot
Lean Hogs
October lean hogs opened lower on concerns of slowing Chinese growth, but managed to claw back losses, finishing the session in positive territory and smack dab in the middle of our pivot pocket. In yesterday’s report we defined our pivot pocket as 100.375-100.825. A breakout and close above or a breakdown and close below could spark a bigger directional move. With prices so close to contract highs, there are fewer defined levels of resistance.
Resistance: 101.65**
Pivot: 100.375-100.825
Support: 98.05-98.25***, 96.775-97.525***, 94.30-95.30***
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
Daily Direct Hogs Plant Delivered
Carcass Base Price
Range: 114.50-126.00
Weighted Average: 115.61
Change from Prior Day: -8.08
Head Count: 3,203
Daily Hog Slaughter
428,000. Down 30,000 from last week and 47,000 from last year.
Technical Snapshot
Lean Hogs
October lean hogs opened lower on concerns of slowing Chinese growth, but managed to claw back losses, finishing the session in positive territory and smack dab in the middle of our pivot pocket. In yesterday’s report we defined our pivot pocket as 100.375-100.825. A breakout and close above or a breakdown and close below could spark a bigger directional move. With prices so close to contract highs, there are fewer defined levels of resistance.
Resistance: 101.65**
Pivot: 100.375-100.825
Support: 98.05-98.25***, 96.775-97.525***, 94.30-95.30***
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
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