Lean hog futures traded higher for a second day this week as the market attempts to put the brakes on the recent selloff. April lean hogs traded 25 cents higher to $92.55 per cwt. Prices had traded as low as $91.12 last week, stopping short of support areas around $90-$91.

The summer hog contracts were more lively in their rebound this week. The June contract traded 75 cents higher on Wednesday to close at $106.60. Prices avoided a test of the $104 support level.

The CFTC’s latest Commitment of Traders report showed that money managers increased their net bullish bets by 4,424 contracts during the week ending Feb. 10. That brought the total position to a net long of 133,280 contracts. The selling over the past week likely took many of those positions negative to where further selling could lead to additional long liquidation from speculators.

Cash hog prices continued their steady climb in February since hitting the lowest in about a year in January. The CME Lean Hog Index fell below year-ago levels over the past week but remained above the five-year average. Packers remain in the driver’s seat, as they have been well-supplied to meet current demand. Hog weights have been a factor, with average weights creeping up to 292 pounds last week.

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PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. FUTURES TRADING INVOLVES SUBSTANTIAL RISK AND IS NOT SUITABLE FOR ALL INVESTORS.