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Lean Hogs by Dennis Smith

Cash hog prices were actually mixed on Friday, not straight out higher as they were Monday through Thursday. The early talk is all the same; higher cash and higher product is expected during the course of this week. There’s a fairly reliable seasonal to sell June hogs today and hold into late May. June hogs surged upward on Friday and finished into new recent highs on active short covering as indicated by a decline in open interest. June contract open interest declined by over 4,400 with total OI down 1,568. I believe were in the third day of the Goldman Roll. The next level of resistance in June hogs won’t be evident until this contract approaches 8600. In fact, 8580 represents the 50% retracement from the November high to the March low. One thing this recovery will do is keep the current expansion alive and well. We are not actively trading in hogs at this time. If doing anything, it would be purchasing June puts.

Those are not my comments, I wish they were as I am still holding a large position for me in hogs on the short side!!
Dewey

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Lean Hogs by Dennis Smith
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