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For these I maintain a weekly livestock webinar on Tuesdays and my subsequent webinar shall be Tuesday, January 07, 2024, at 3:15 pm. It’s free for anybody who desires to enroll and the hyperlink for enroll is beneath. In case you can’t attend reside a recording shall be despatched to your e-mail upon completion of the webinar.
February Lean Hogs continued to sink into the abyss, making one other new low for the down transfer at 79.325 and settling close to low at 79.65. It had opened decrease, made a small try to rally, buying and selling to the excessive at 81.125then fell to the low earlier than drifting the remainder of the session to the shut. The money market continues its downward flip and the morning cutout which had tried to indicate some firmness on prior days caved and was in destructive
territory retaining the wheels churning to the draw back. I feel the consolidation over the past half of the day was hope we might see a bounce within the cutout within the afternoon. That didn’t occur with the afternoon cutout down one other 14 cents which may put much more strain on the futures within the morning. Don’t overlook we’re in the midst of a Head-N-Shoulders high formation breakdown which has a possible measured transfer worth
goal right down to 75.75. The Greenback stays sturdy, which may proceed to harm exports and whereas pork cutouts are shifting decrease the meat cutout continues to indicate power and has been making highs versus lows for the pork cutout. Persons are talking their style preferences and a less expensive pork worth hasn’t been capable of change peoples’ preferences. There have been repeated calls in some circles to seek out methods so as to add taste to
pork merchandise to be allow a greater competitors between the 2 premium meat merchandise. Perhaps these calls must be heeded if the pork cutout is to catch as much as the meat cutout. We’ll see!… If worth can’t maintain settlement, it may re-test assist at 79.80. Help then is available in at 78.80. If worth can maintain settlement, it may revisit resistance at 80.45 and the close by rising 100-DMA now at 80.65. Resistance then is available in at 81.70.
The Pork Cutout Index decreased and is at 91.69 as of 01/03/2025.
The Lean Hog Index decreased and is at 83.12 as of 01/02/2025.
Estimated Slaughter for Monday is 447,000, which is beneath final week’s 481,000 and final 12 months’s 468,922.
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Ben DiCostanzo
Senior Market Strategist
Walsh Buying and selling, Inc.
Direct: 312.957.4163
888.391.7894
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www.walshtrading.com
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