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Hog Futures: June Lean Hogs Closed Up on Monday

18 March 2014, at 10:00am

US - June lean hogs closed up $2.90 at $130.75 Monday.

Prices hit another contract and all-time record high today. This market is in a parabolic stage, which still suggests, from a time perspective, that a market top is close at hand. There are still very bullish cash hog market fundamentals at work, including a pig disease in the U.S. and strong consumer demand. Hog futures bulls still have the solid overall near-term technical advantage. Prices are in a very steep two-month-old uptrend on the daily bar chart. The next upside price breakout objective for the hog bulls is to push and close prices above solid chart resistance at $135.00. The next downside price breakout objective for the bears is pushing prices below solid technical support at $125.00. First resistance is seen at today’s contract high of $130.85 and then at $132.00. First support is seen at $130.00 and then at $129.00. Wyckoff's Market Rating: 10.0

June live cattle closed up $0.10 at $137.95 Monday. Prices closed near mid-range and did push to a new contract high. Bulls have the solid overall near-term technical advantage. Cash market fundamentals remain fully bullish, even though record high cash prices could turn away consumer demand for beef at some point. Bulls’ next upside price “breakout” objective is to push and close prices above solid resistance at $140.00. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $135.00. First resistance is seen at today’s contract high of $138.30 and then at $140.50. First support is seen at $137.50 and then at $137.00. Wyckoff's Market Rating: 8.0

May feeder cattle closed up $0.50 at $178.80 Monday. Prices hit another contract high today. The feeder bulls have the solid overall near-term technical advantage. The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at $180.00. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $175.00. First resistance is seen at Monday’s contract high of $178.82 and then at $179.50. First support is seen at $178.00 and then at $177.50. Wyckoff's Market Rating: 8.5