post part of an e-mail I received awhile ago--
For whatever reason you want to pin it on, lean hog futures have finally put in a top and a major correction. Technically, it takes a close tomorrow below 70.20 in the Feb to confirm a reversal on the weekly chart. If this happens you can expect a break toward 67.50 - 67.00.
Fundamentally, honestly, we're not sure exactly what's next. Are hogs backed up? Is Nafta going away? Why are weights still running well above last year? Why the consistent rash of downward slaughter revisions? Is product going to soar? Will packer competition drive margins into the red? Will exports drive this market all year? At the moment lots of questions and very few answers!
That is all of e-mail quotes and as I was writing this I realized it doesn't make me any difference as I am Not in the market!! We do know the market will go down and the market will go up - we just have to ride it correctly!
Have a good evening,