Hogs Sharply Higher This Week On Floods

Lean Hog Futures---Lean hogs in the June contract experienced a wild trading session this Friday afternoon in Chicago trading as high as 97.82 then selling off all the way to 91.02 having a 780 point trading range and expect that volatility to remain for months to come.

Hog prices settled last Friday in Chicago at 86.52 while currently trading at 94.52 up about 800 points for the trading week all on massive flooding especially in the state of Nebraska.

Hog prices created a spike bottom which I'd written about in many previous blogs on February 20th at 72.20 as that seems like a long time ago, but that was just about 4 weeks ago as that's how fast prices can run up especially when a weather situation come about such as flood or drought.

If you are long a futures contract my recommendation was to keep the stop loss at the March 18th low of 85.32, however that has to be raised to the 87.30 level in my opinion as the volatility is crazy and the chart structure is terrible so the rules can change.

TREND: --HIGHER

CHART STRUCTURE: POOR

VOLATILITY---HIGH

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