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Data as of: 2026-10-08 · Settlement: Exchange final daily settlement

Lean Hogs (HE=F) Deep Dive | Bearish Bias | 2026-10-09

We maintain a short bias on Lean Hogs (HE=F) with an invalidation at 69.47. The market remains structurally weak, trading near multi-year lows as persistent supply pressures and lack of demand catalysts weigh on prices. The recent breakdown below key support levels, combined with a 20-day decline of 7.73%, signals continued downward momentum. Current pricing around 68.6 offers a favorable risk-reward for downside exposure, targeting the next support zone near 67.57. While a rebound above 69.47 would invalidate this view, the prevailing fundamentals and technical setup favor further declines. Investors should monitor the 68.08 support level closely, as a breach could accelerate selling pressure toward 67.57 and beyond. The current environment lacks the bullish catalysts needed for a sustained reversal, making shorts the preferred strategy until clear signs of stabilization emerge.