USA: Lean hog futures bulls continue to struggle

Lean hog futures continue to fall under heavy selling pressure as the technical posture remains overall bearish. June hog futures hit a four-month low this week. However, the Relative Strength Index is still suggesting the hog futures market is close to a bottom. The latest CME lean hog index is down 47 cents to $90.79 as of May 28, marking the seventh straight daily decline. During that span, the cash index has dropped $1.50. Hog traders are pricing in a bearish outlook for the summer months. Hog futures bulls have a more optimistic outlook, anticipating a pick-up in US consumer demand in the wake of beef prices that persist at elevated levels. Agri Stats, an agricultural data company, lost its bid to dismiss a Justice Department lawsuit accusing it of facilitating price-fixing among major meat companies. This development marks a significant step towards trial. The DOJ claims Agri Stats used data from chicken, turkey, and pork companies to aid price-fixing. While Agri Stats is ...