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COMMODITY REVIEW AND OUTLOOK
195 Route 6A, Suite 5, Orleans, Massachusetts
(October 2, 1997) LEAN HOGS: SHORT TERM–Fund selling and commercial buying. Cash prices are expected to firm as a result of farmers being busy with field work. However, cash pork prices have been on the defensive. Seasonals suggest lower prices into the end of October, beginning November.
RESISTANCE–Resistance basis October remains near 6880, 6960, 6995-7020, 7070-7085, 7105, 7135, 7165, 7200-7220, 7300, 7322, 7345-7350, and 7392. Resistance basis December lies near 6555-6600, 6670-6705, 6770, and near 6820.
SUPPORT–Support basis October lies near 6750, 6660, 6615. Basis December low 6300's.
RECOMMENDATION–Short-term traders could buy October hogs on this break with stops of 50-100 points, and/or sell a rally to the low-mid 6900's with the same stop. Long-term option traders could consider buying December calls on dips.
M. Steven Morgan
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