Global pig outlook: Lean hog futures bears have a strong grip

February lean hog futures this week hit a new contract low and a price downtrend on the daily bar chart has been restarted. That suggests more downside price pressure in the near term as the bears have the solid near-term technical advantage. The latest CME lean hog index rose 14 cents to $65.19 (as of Jan. 2). Hog market bulls are still hoping for a seasonal low in prices coming soon. Keener risk aversion in the general marketplace to start 2024 is also weighing on ag markets, including hogs. The law marks the culmination of over six years of political efforts by animal activists. Proposition 12, which was passed by California voters in 2018, imposes strict regulations on the sale of food products derived from farm animals that are not raised according to specific standards. While the egg and veal requirements of Prop 12 had already gone into effect, the pork provisions were initially delayed to allow non-compliant pork to clear the supply chain. As of Jan. 1, 2024, only ...