Live Cattle
Technicals (June-M)
June live cattle futures chopped around last week in a relatively tight range, defending resistance and our pivot pocket. A breakout or breakdown from these levels could spark a bigger directional move. We do have some key economic reports out this week with arguably the most important being CPI on Wednesday. We’ve see a recent trend of softer data, this has aided outside markets with the idea of rate cuts coming in the back half of the year, but it has paused consumer driven commodities like cattle and crude oil.
Resistance: 178.45-178.80*, 179.65-180.75
Pivot: 175.80-176.20
Support: 172.90-173.425* 169.00-170.00*
Feeder Cattle
Technicals (August – Q)
August feeder cattle futures softened up last week which puts the chart at risk of a bigger technical breakdown. The next few sessions could set the tone for the remainder of the month. A failure to defend 248.30-250.075 opens the door for a retest of the April lows.
Resistance: 258.00-258.50, 263.325-264.875*
Pivot: 254.025-255.00
Support: 248.30-250.075**, 243.27
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