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April Lean Hogs opened higher, rallied to the high at 94.15 and then turned lower, working its way to the low at 93.40 and then settling near the low at 93.50. It was a day of consolidation after Friday’s breakdown that took price to test support at the rising 50-DMA now at93.40. Hogs formed an inside candlestick settling at the key level at 93.50 and hitting the 50-DMA at the low. Futures are pulling back even as the cash market attempts to move higher. Cutouts are moving higher with the one-day carcass value above 100 for the third day in the row and the cash index was above 91.00, settling at the highest level since October 30th. This is positive for the producer as both the packer and producer are seeing strong prices. Demand for pork is strong and exports saw strong volume in January, starting the year on a positive note as Mexico continues its impressive buying. Our exports in January came in at 250,861 tons up 3% while value increased by 4% to $692.1 million. While Mexico was the leader, we saw increases to Japan, South Korea, Canada, Central America, Columbia, the Dominican Republic, the ASEAN and Taiwan. We do face some problems with Mexico going forward as they are conducting anti-dumping and anti-subsidy investigations on US hams and shoulders that could cause trade problems depending on the outcome. Could this be what futures are worried about with its inability to work higher? I don’t think this will become a major threat as the US has been cooperating with Mexico in its investigations, demonstrating that the growth has been demand driven and not the result of government intervention. Hopefully the two countries can work it out to the benefit of both countries. We’ll see!... If price can settlement, it could climb the wall of worry and take out the Monday high and challenge resistance at the rising 21-DMA now at 94.65. Resistance then comes in at 95.30. A failure from the low could see price test support at 92.375. Support then comes in at the sliding 200-DMA now at 92.025 and then 90.40.
The Pork Cutout Index increased and is at 99.75 as of 03/13/2026.
The Lean Hog Index increased and is at 91.60 as of 03/12/2026.
Estimated Slaughter for Monday is 404,000, which is below last week’s 485,000 and last year’s 488,652.
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Ben DiCostanzo
Senior Livestock Analyst
Walsh Trading, Inc.
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