June 12, 2020
By IFCMarkets
Rising US pork supply bearish for LHOG
Pork supply is recovering gradually as meat plants across US ramp up production following slowdowns after coronavirus outbreak. Meatpackers slaughtered 450,000 hogs on Monday, up from 417,000 a week ago according to US Department of Agriculture. However, in March they slaughtered up to 498,000 a day. And farmers still have a backlog of livestock after animals could not be slaughtered due to temporarily shut slaughterhouses during the coronavirus outbreak. The number of livestock being killed each day has rebounded from April and May, increasing the supply of pork. Rising pork supply is bearish for LHOG.
| Indicator | VALUE | Signal |
|---|---|---|
| RSI | Neutral | |
| MACD | Sell | |
| Donchian Channel | Sell | |
| MA(50) | Sell | |
| Fractals | Sell | |
| Parabolic SAR | Sell |
Summary of technical analysis
| Order | Sell |
| Buy stop | Below 51.37 |
| Stop loss | Above 56.92 |
Market Analysis provided by IFCMarkets
