Lean Hogs (February)
Lean hogs saw weakness in yesterday’s trade, breaking below or pivot pocket which dropped prices right into first support from 83.97-84.30. A retest and failure there takes us to 82.05-82.27. Below that and it could continue to snowball lower, regardless of fundamentals. The Bulls need to see consecutive closes back above 85.37-85.50 to neutralize the damage that was done yesterday.

• Resistance: 87.67-88.00, 89.275-89.60*
• Pivot: 85.375-85.50
• Support: 83.97-84.30, 82.05-82.27, 80.90-81.20****

Seasonal Tendency Update
(updated 12.9.24)

Below is a look at historical price averages for February futures on a 5, 10, 15, 20, and 30 year time frames (Past performance is not necessarily indicative of future results).

Commitment of Traders Report
(Updated on 12.9.24)

Friday’s Commitment of Traders report showed Funds expanded their net long position to another new record, now net long 133,507 futures/options contracts. Below is a chart of Fund positioning (yellow line) dating back to 2006.

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