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Analyst Jim Wyckoff says lean hog futures are oversold after a steep two-week drop and a near-term bottom may be close. The CME lean hog index fell another 84 cents, and slaughter rose 2.75% year on year.
Retail pork prices remain elevated, limiting consumer demand.
Ample hog supplies and weak cash prices keep pressure on hog values, which tends to reduce appetite for feed. Seasonal grilling demand may later support prices.
thepigsite.comSarah MikesellMar 24, 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.
