World: Pig outlook, lean hog futures bulls may be getting tired

December lean hog futures prices last week soared to a contract high amid a steep price uptrend in still place. While the lean hog futures bulls have the solid near-term technical advantage, the recent selling pressure begins to suggest the bulls are getting tired in this very mature bull market run. It’s my bias that the hog futures market has, or is close to, topping out. The latest CME lean hog index is up another 45 cents to $90.24 as of Nov. 5, the 14th straight daily gain and $8.115 above Wednesday’s closing price in December hog futures. The strength in the cash market has proven stronger than traders expected as the market continues to try to determine how much smaller fourth-quarter US pork production is going to be than previously anticipated. Still, many traders anticipate the return of seasonal weakness in the cash hog market. Pork: Net US sales reductions of 14,700 MT for 2024--a marketing-year low--were down noticeably from the previous week and from the prior ...