CME update: lean hog futures rebound, breaking through technical chart resistance

US lean hog futures closed higher on 8 December, breaking a four-session losing streak.
calendar icon 9 December 2020
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Reuters reports that lean hog futures rebounded yesterday after a recent streak of losses. The gains came amid a technical and bargain-buying bounce as the cash pork cut-out value edged higher.

Benchmark February lean hog futures contract touched a 2-1/2 week low on Tuesday, but settled 0.650 cent higher at 65.600 cents per pound. The contract broke through technical chart resistance at its 100-day moving average.

Though the rebound is welcome, the rising US coronavirus infection rate has sparked some concerns about supply chain disruptions similar to those seen early in the pandemic. The closure of restaurants and food service outlets is also weighing on the market.

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