Lean hog futures posted strong gains for a third consecutive day on Tuesday. Since corrections tend to come in three-day waves, today’s price action could be critical in determining whether the past three days was simply strong corrective buying or the start of a delayed seasonal rally. Summer-month hog futures have rebuilt $5 to $7-plus premiums to the cash index, which is down another 17 cents to $99.90 today (as of May 16).
Key Day for Hog Futures
Since corrections tend to come in three-day waves, today’s price action could be critical. . .
(Commodity Update)