Here is a Special Email Alert regarding hog futures I broadcast earlier today. Note the time sent.
“SPECIAL EMAIL ALERT!
Buy (1) October lean hog at $63.00. The range today is $64.02 to $63.12 with a last of $63.40, down 15 points. No stop for now if filled.
The time is 9:20 a.m. Chicago
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And here are are a few of my livestock comments posted today in noon broadcast of my twice a day newsletter that was posted a few hours later.
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“ Cattle are 75 lower and feeders off 165 points. Hogs are 60 lower for October. The complex is a mess and simply unable to rally. And what else is new you ask!
My stop on the October hog bought today at $63.00 is $62.00, intra-day. I will hold the other long hog into tomorrow.
As a new trade: buy (1) more October hog if the market hits unchanged. Right now it is 75 lower. If filled at unchanged, use 75 point stop, intra-day.
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I am coming out of the day with multiple long positions in October hog futures at an average of $63.55. My stops are in place should the market suddenly turn south. But with a seasonal tendency for hog futures to rally in late August coupled with the fact cash index is north of $81.00, the market should head higher and not lower. But as always, only time will tell.
Pork cutout values rose $1.39 this morning with cash bellies finally showing some character and posting a rise of $5.39. If pork demand can catch another bid later today or tomorrow, I would imagine the hog futures will be higher next week. We shall see.
I remain in the camp that has little or no desire to be selling commodities per se. That is my bias for several reasons and also because of two markets I follow closely. One, is copper where futures are 540 higher today and back up to levels last seen in October, 2014. The other is palladium that is only up $2 or so but very close to a new, 16 year, yes year, high. I shy from the short side of the ledger when those commodities are showing unusual strength.
Again, I day traded 25 Oct & Feb hogs from the long side. I had a nice profit and not the courage to keep them along with what I already have. As Long Bear used to say Hogs can do the unexpected!
Dewey