Live Cattle
Technicals (August-Q) August live cattle futures were in meltdown mode yesterday morning but found support and rallied back to finish the day in positive territory. If the Bulls can chew through 179.82-180.15 we could see that spur a round of technical buying up towards our next resistance pocket near 182. Yesterday’s 5-area average price for live steers was reported at 188.91. Cutout values were also firm with choice cuts up 2.40 to 315.60 and select cuts up 1.99 to 303.70.
Resistance: 181.85-182.15***, 183.175-183.40****
Pivot: 179.82-180.15
Support: 177.75-178.40****, 176.35***
Lean Hogs
Technicals (July – N) July lean hogs opened higher in yesterday’s trade but fizzled out in our pivot pocket from 97.78-98.67. We’ve been in the camp of a relief rally from these levels, but yesterday’s price action was pretty ugly and doesn’t look good on the chart. With that said, it’s lean hogs so anything is possible
- Resistance: 99.475-100.575****, 103.10***
- Pivot: 97.78-98.67
- Support: 95.225-95.75****, 91.85-92.52***
Feeder Cattle
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