Global pig outlook: Lean hog futures bulls keep price uptrend alive

April lean hog futures prices are still in a 2.5-month-old uptrend on the daily bar chart. However, bulls need to show fresh power soon to keep their technical edge and to keep the uptrend in place. The latest CME lean hog index is up 20 cents to $81.61 (as of Mar. 11), while the preliminary calculation puts the index up another 41 cents Thursday, at $82.02. That would mark a new for-the-move high and the highest quote for the index since Oct. 12, 2023. The strength in the cash index suggests seasonal strength in the cash hog market will continue. Retailer demand for pork has been robust and is likely to continue to support cash market fundamentals in the near term. The closure will result in the loss of 1,276 jobs, with the plant scheduled to shut down on June 28. The plant, which processed approximately 9,000 hogs per day, cited a need to optimize operational efficiency to better serve customers as the reason for the closure. The United Food and Commercial Workers union ...