Lean Hog Futures—Hog futures in the February contract is trading slightly lower this Monday afternoon in Chicago down 25 points at 67.20 as the market remains in a choppy pattern over the last several weeks.
At the current time I’m not involved as I had a bearish bias for quite some time, however things may have changed due to the fact that there is now a Coronavirus vaccine as that could be a very bullish fundamental factor going forward towards livestock prices in my opinion. The volatility at the current time is average, but that situation is not going to last much longer as we enter the highly volatile winter season for the livestock sector as I think we are now in a bottoming out process so keep this commodity on your radar as we could be involved in a couple of weeks.
In my opinion I believe the agricultural markets will experience bullish trends in 2021 as all of the uncertainty is now behind us as I believe demand will surge for all of these products. One interesting technical factor about this market is the price gap was filled in last week’s trade that was created on September 10th and if you have been following my previous blogs you understand that I think gaps are generally filled and that situation has occurred at this time.
CHART STRUCTURE: POOR
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