Lean Hogs show technical support

Over the past several years, the United States’ red meats and poultry products have run a trade surplus as the quantity exported has exceeded the quantity imported. The chart below illustrates the U.S. trade balance in red meats and poultry for 2020. By volume, broiler meat was the largest U.S. meat traded in 2020, accounting for 92 percent of total poultry exports and exceeding broiler imports by almost fiftyfold. Pork exports contributed toward the growth in the red meat trade surplus. In 2020, pork exports were sevenfold higher than pork imports, increasing 15.2 percent, or almost 1 billion pounds above a year earlier, on strong Asian demand for pork.

Technical analysis combining trendline studies and Fibonacci shows the following trade idea which may work well for Lean Hogs futures traders:

Trade idea