Monthly livestock charts are not my favorite to study given the different reading we get from futures spreads as opposed to storable commodities. Be that as it may, if we read between the lines of this lean hog monthly chart shows us a key bearish reversal during June indicating the major (long-term) trend had turned down. In conjunction with the bearish key reversal, monthly stochastics also established a bearish crossover above the overbought level of 80%, also indicating a new major downtrend.┬áJuly saw the nearby contract consolidate within June’s range before closing at $106.20, down $1.275 for the month. The long-term target area is between $90 and $79.90. As with a number of other markets (e.g. corn and soybeans), lean hogs are dealing with bearish long-term technicals and bullish long-term fundamentals, the latter still indicated by futures spreads.