Live Cattle
Technicals (August-Q)
August live cattle futures were able to recover a week’s worth of losses in a single session which took prices into our first resistance pocket from 179.82-180.15 (the close was 179.975). The lack of new negative news coupled with June futures going into delivery may have been the spark that ignited the move, with a seasonal tailwind as added fuel. We remain upbeat on prices and believe a move towards our next resistance pocket from 181.85-182.15 could be in the works. Obviously, more negative headlines would throw a wrench in that bias.
- Resistance: 179.82-180.15, 181.85-182.15
- Pivot: 177.75-178.40
- Support: 176.05-176.35***
Feeder Cattle
Technicals (August – Q)
August feeder cattle futures got shot out of a cannon yesterday, trading sharply higher with a close just a notch above resistance from 258.00-258.50. If the Bulls can keep the momentum going we believe a move towards 261.55-261.80 could be the next stop. We’ve been optimistic in the past few weeks but the market has had other plans. If we can avoid more negative headlines, potentially we see more of the seasonal tailwinds help our bullish bias out a little more.
- Resistance: 258.00-258.50, 261.55-261.80
- Pivot: 254.025-255.00
- Support: 249.05-250.80*, 243.27
Lean Hogs
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