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October lean hogs opened lower, tested support near 79.525, then rallied to close above resistance at 83.325 with a high of 83.825. The rally followed a weekly weight drop of 4 pounds and was attributed to possible packer hog pulling or heat effects.
Cutout and lean hog index values were both lower.
Technical strength after weight declines may signal tighter near-term hog supply, supporting hog prices, but the move is a chart-based market update without a new fundamental cause.
walshtrading.comBen DiCostanzoAug 30, 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.
