Pig outlook—Oct 1: Lean hog futures bears remain in control
December lean hog futures on Thursday hit a contract low. The near-term chart posture in hog futures remains bearish amid a price downtrend in place on the daily chart. The cash hog market prices have been trending down but may be stabilizing now. The latest CME lean hog index is down $0.27 at $80.94. Thursday’s projected CME index price is up a penny at $80.95. The national direct five-day rolling average cash hog price quote for Wednesday was $78.10. The next upside price objective for the hog bulls is to close December futures prices above solid chart resistance at $74.375, which is the top of a downside price gap on the daily bar chart. The next downside price objective for the bears is closing prices below solid technical support at $65.00. First resistance is seen at this week’s high of $70.10 and then at last week’s high of $71.625. First support is seen at $67.00 and then at $66.00.
Pork industry and related news
Three sessions next week would bring OMB’s total to 20 amid policy debate
Three additional stakeholder meetings have been scheduled on FDA’s white paper proposing a definition of ultra-processed food (UPF), which has been under review at the Office of Management and Budget (OMB) since Aug. 3.
The current docket lists meetings with the Environmental Working Group on Oct. 5, the North American Millers Association on Oct. 8 and SNAC International on Oct. 9. If all three take place, they would bring the total number of sessions on the white paper to 20.
The expanded meeting schedule comes as the Wall Street Journal reports that White House officials have slowed some of Health and Human Services Secretary Robert F. Kennedy Jr.’s efforts to reshape the US food system, including initiatives targeting ultra-processed foods.
The white paper could provide another avenue for gathering evidence and stakeholder input as the administration develops its approach. Its eventual definition also could become a reference point for states considering their own UPF policies.
Upshot: Kennedy recently indicated that he expects states could take the lead on the issue, raising the stakes for how broadly FDA defines the category and how state officials choose to use that definition.
December lean hog futures--$65.00 to $70.10 and with a sideways-lower bias
December soybean meal futures--$350.00 to $370.00, and a sideways bias
December corn futures--$4.92 to $5.25 and a sideways-lower bias
Latest analytical daily charts lean hog, soybean meal and corn futures
December lean hog futures on Thursday hit a contract low. The near-term chart posture in hog futures remains bearish amid a price downtrend in place on the daily chart. The cash hog market prices have been trending down but may be stabilizing now. The latest CME lean hog index is down $0.27 at $80.94. Thursday’s projected CME index price is up a penny at $80.95. The national direct five-day rolling average cash hog price quote for Wednesday was $78.10. The next upside price objective for the hog bulls is to close December futures prices above solid chart resistance at $74.375, which is the top of a downside price gap on the daily bar chart. The next downside price objective for the bears is closing prices below solid technical support at $65.00. First resistance is seen at this week’s high of $70.10 and then at last week’s high of $71.625. First support is seen at $67.00 and then at $66.00.
Pork industry and related news
Three sessions next week would bring OMB’s total to 20 amid policy debate
Three additional stakeholder meetings have been scheduled on FDA’s white paper proposing a definition of ultra-processed food (UPF), which has been under review at the Office of Management and Budget (OMB) since Aug. 3.
The current docket lists meetings with the Environmental Working Group on Oct. 5, the North American Millers Association on Oct. 8 and SNAC International on Oct. 9. If all three take place, they would bring the total number of sessions on the white paper to 20.
The expanded meeting schedule comes as the Wall Street Journal reports that White House officials have slowed some of Health and Human Services Secretary Robert F. Kennedy Jr.’s efforts to reshape the US food system, including initiatives targeting ultra-processed foods.
The white paper could provide another avenue for gathering evidence and stakeholder input as the administration develops its approach. Its eventual definition also could become a reference point for states considering their own UPF policies.
Upshot: Kennedy recently indicated that he expects states could take the lead on the issue, raising the stakes for how broadly FDA defines the category and how state officials choose to use that definition.
December lean hog futures--$65.00 to $70.10 and with a sideways-lower bias
December soybean meal futures--$350.00 to $370.00, and a sideways bias
December corn futures--$4.92 to $5.25 and a sideways-lower bias
Latest analytical daily charts lean hog, soybean meal and corn futures