Hog Prices Plunge Near 10 Year Low

Lean Hog Futures---Hog futures in the June contract is currently limit down for the 3rd consecutive session at 48.32 after settling last Friday in Chicago at 64.25 down about 1600 points for the week as prices are right near a 10 year low. Since the high on March 25th which was just a week ago prices are down nearly 40% as this market has absolutely plunged as I thought lower prices were ahead, but I think this has gotten out of control and if you are short a futures contract I would place a very tight stop as we are experiencing massively oversold conditions at this time.

Hog prices are trading far below their 20 and 100 day moving average as this is the strongest bearish trend as I thought prices could break 60 and possibly go to 50 which has occurred in today's trade, but a price gap was created today and I think that will be filled in the coming days ahead.

Lockdown in the U.S is expanding throughout many different areas as the shutdown will last at least for another month therefor curbing demand for many commodities as I'm certainly not recommending any type of bullish position, however the volatility is extremely high and if you are highly profitable on this trade don't get greedy.

TREND: LOWER

CHART STRUCTURE: POOR

VOLATILITY: HIGH

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