Hogs Bounce Back

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June Lean Hogs opened higher and traded to the session low at 98.90. Price reversed course and raced to the session high at 100.90. The market then proceeded to breakdown and test the low before climbing higher and settling near the high at 100.225. The price action saw the open test the Friday settlement at 98.625 and the rally took price past resistance at 100.075 and the declining 8-DMA now at 100.35 stalling just shy of declining moving average resistance at the 13-DMA now at 101.225. The pullback during mid-day was a knee-jerk response to the story that the administration will lower tariffs on imported beef that breaches its import quotas to try to knock-down beef prices. After the traders analyzed the story Hogs climbed and settled above the 100.075 resistance level. Hogs, however still faces hurdles as the cutout continues to whipsaw as the Monday morning cutout showed strength but the afternoon cutout report took it back and the cutout ended lower on the session. The morning cutout report gave traders hope that the summer seasonal was starting to bloom but the withering afternoon cutout takes that hope and keeps it in limbo. Production remains strong and has so far limited the cutout and cash market. Expectations are still high and hopeful that the seasonal will begin and take prices higher into the spring/ summer, but it needs to start moving into a better position or futures prices can pullback and challenge the lows established just on Friday. The load count was respectable but disappointing considering the pullback in price. We’ll see!... A failure from settlement could see price test support at 98.475. Support then comes in at 97.30. If price can hold settlement, it could test resistance at the declining 13-DMA. Resistance then comes in at 101.975. 

The Pork Cutout Index ticked higher and is at 96.35 as of 05/08/2026. 

The Lean Hog Index decreased and is at 90.79 as of 05/07/2026.

Estimated Slaughter for Monday is 462,000, which is below last week’s 479,000 and last year’s 463,064.

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Ben DiCostanzo

Senior Livestock Analyst

Walsh Trading, Inc.

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