Lean Hog Futures--- Lean hog futures in the October contract are trading higher by 40 points reversing the sharp losses that we experienced last Friday as prices are still right near a 4 week low as I'm looking at a possible short position, however the 10 day high stands at 72.25 which is too much monetary risk at this time, but we could be involved relatively soon.
Hog prices are now trading under their 20 and 100 day moving average telling you that the short-term trend is to the downside as this has been one of the strongest trends in 2017, but it looks like over production is finally taking a toll on prices as I do think a top has been created.
Cattle prices are mixed in today's action lending very little influence to hog prices so wait for several more days for the chart structure to improve or sell on any type of price rally therefore lowering the monetary risk so keep a close eye on this market as I remain bearish, but I will wait for the risk/reward to become more in your favor as the risk right now is about $2,200 plus slippage & commission which is too high for this commodity due to the fact of low volatility.TREND: LOWER---CHART STRUCTURE: POOR---IMPROVING
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