Weekly pig report: Hog futures experience downtrend

Short covering in lean hog futures. August lean hog futures on Wednesday rose $1.45 to $96.50. The hog futures market saw short covering. The near-term technicals remain firmly bearish amid a price downtrend in place on the daily bar chart. The market is still due for more of an upside corrective bounce. The latest CME lean hog index is down 16 cents at $91.93. Today’s projected cash index price is up 49 cents $92.43. The national direct five-day rolling average cash hog price quote Wednes