CME update: hog futures sink on technical selling and liquidation pressure
US lean hog futures retreated for a second straight session on technical selling.
14 December 2020
2 minute read
By: Reuters reports that hog futures lost ground amid demand concerns as soaring US coronavirus rates triggered lockdowns that impact restaurant traffic, and as negotiations over a new pandemic relief bill stalled.
Lean hogs also faced liquidation pressure.
"The technicals gave way in the hogs by taking out some support lines and short-term moving averages. That spurred some liquidation pressure," said Mike Zuzolo, president of Global Commodity Analytics.
February lean hogs fell 1.875 cents to 63.225 cents per pound, closing just above technical chart support at its 200-day moving average.
