Hogs dropped hard yesterday on active volume of over 57,000 while open interest was down 2,300. Long liquidation. Layers of support were penetrated yesterday. Fundamentally it appears that fresh bellies are weakening. The cash traders knew this as the higher noon quotes were totally ignored by the trade. We are on the sidelines and would much rather trade a market that makes fundamental sense. Stay out of the hogs. Monthly export data will be released today in the meats. Look for positive numbers in both pork and beef.
Dennis is very Negative the Hogs! I am too, the problem is I have several April & June!!