AG SERVICES
201 Innsdale Terrace, Clovis, New Mexico
505-769-3300(March 30, 2000) HOGS: Lean hogs were able to get through the USDA Hogs and Pigs report with no adverse reactions. The report was basically called neutral overall. The numbers did show that there is currently a reduction in total hogs and pigs and that this trend may continue. For the most part, this news was heavily anticipated and had already been priced into the market. Technically, prices have managed to work a little higher since the release of the report, but it looks like the momentum is beginning to slow down. A close below $62 basis the April lean hogs would most likely set-up a trend change. Long-term prices support comes in even lower around the $59 area. As long as prices can hold above long term support levels, we would have to expect steady to higher hog prices as we get into the late spring. A close below this level could spell problems ahead for prices into the summer.
SHORT-TERM TRENDS--Topping around this level.
LONG-TERM TRENDS--Long term may be toppy.
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