What to Expect?
Today was another volatile trade but not meaningful in the sense of support penetrated or resistance taken out.

I like the fact that the Aug/Oct spread is showing traction. I like the fact that prices did not close limit down yesterday. I like the fact that a gap was filled on the Oct chart and then prices rallied almost immediately.

Fundamentally one can spin the hog market just about any way you want. Things to remember is that June exports were up nearly 10% and that ASF continues to spread in Asia. China will have to import huge quantities of pork over the next several years. Perhaps they source most of this from the EU and Brazil. If that’s the case, U.S. pork exports will soar to many other countries as their business is displaced. Or, somehow and someway the Chinese tariff on U.S. pork will disappear and massive direct exports will occur. We’ve covered hedges and at this time we have no new recommendations.

The above comments were some of what Dennis sent to me a while ago. I think hogs are at the bottom of the barrel and if they don't go down tomorrow they will go up!! (That statement makes more sense than my trading lately)!!
Dewey