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Lean hog futures traded sideways and choppy at lower levels, with a possible double-bottom reversal pattern forming on daily charts. The CME lean hog index fell 44 cents to $66.25 as of Dec.
21, a seasonal low. USDA's Hogs & Pigs report showed the herd at 74.971 million head, slightly above year-ago but with breeding stock lower.
A seasonal cash low and a possible technical bottom suggest limited near-term downside for hog prices, though the bearish report caps rallies. Hog prices feed directly into the cost of pork-based feed ingredients like meat and bone meal.
thepigsite.comSarah MikesellDec 29, 2023Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
