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June Lean Hogs opened at the Thursday high and never looked back. It rallied all session, making the high at 107.85 and settling just below the high at 107.70. The low was 105.15. The rally started at the rising 8 & 13-DMAs now at 105.30 and 105.20 respectively and passed resistance at 106.85 before stalling just below the 107.925 resistance level. The rally also put the June contract back at the high end of the trading range it has been in since taking over as the lead contract. It actually put in a new high with today’s price action. The low is at 102.95. The cutout has once again reversed course and has approached the 100.00 level again, which should help the cutout index rebound and likely get cash prices to move higher again after cash has fallen from its recent highs. Exports surged on the last report as Mexico loaded up with a huge purchase of 39,100 MT of pork. In general, exports have been excellent and are expected to remain strong as we are getting closer to the grilling season and strong retail purchases of pork for the US consumer to enjoy. With slaughter slipping and production down as a result, competition for pork could intensify. I am constantly being told by producers that disease has been taking its toll on supply, and the slaughter numbers seem to be reflecting that. It is going to be an interesting spring and summer as we move towards the holiday celebrations and the 250th anniversary of the birth our country. We’ll see!... If price can take out resistance at 107.925, it could test resistance at 109.85. Resistance then comes in at 111.675. A failure from settlement could see price test support at 106.85 and then move to test the rising 8 & 13-DMAs. Support then comes in at 104.35.
The Pork Cutout Index increased and is at 97.05 as of 04/03/2026.
The Lean Hog Index decreased and is at 90.01 as of 04/02/2026.
Estimated Slaughter for Monday is 367,000, which is below last week’s 491,000 and last year’s 489,275.
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Ben DiCostanzo
Senior Livestock Analyst
Walsh Trading, Inc.
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