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An analyst argues that technical chart patterns suggest lean hog futures have formed a major price bottom. The commentary notes that slaughter remains sharply down and meatpacking plants face labor pressures.
Technical commentary alone does not change supply fundamentals, which remain bearish due to slaughter backlogs and limited processing capacity.
thepigsite.comEmily HoughtonMay 1, 2020Not 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.
Analyst commentary that hog futures had formed a major technical bottom, with slaughter sharply down, points to short covering and bottom-fishing sentiment behind the rally.
