Live Cattle (December)
December live cattle futures made another new high for the move, but that strength fizzled out into the close with futures settling slightly lower. We wouldn’t be surprised to see a choppy trade with today marking the last day of the month and quarter. Looking into October, a lot of price action and participation may coincide with broad market sentiment. All noise aside, October is generally a fairly friendly time of year for the market.
- Resistance: 187.675-188.00***
- Pivot: 184.225-184.55
- Support: 181.325-182.07, 179.10-179.97
Commitment of Traders Update
Friday’s Commitment of Traders report showed funds were net buyers of about 14k futures/options contracts, expanding their net long position to 52,224 (through September 24th).
Lean Hogs (December)
December lean hogs saw a volatile end to last week’s trade following a Hogs and Pigs report and Cold Storage data. Earlier int he week, the market did make it to our 4-star resistance pocket from 75.25-76.00, we see that as a continued brick wall. On the support side, 72.00-72.85 was tested and held on Friday. A break and close back below there could trigger some selling pressure back near the low end of the recent range and the 100-day moving average.
- Resistance: 75.25-76.00*
- Pivot: 73.85-74.07
- Support: 72.00-72.85, 69.27-69.90***
Commitment of Traders Update
Friday’s Commitment of Traders report showed Funds were net buyers of about 11.9k futures/options contracts through September 24th. Their net long position now stands at 51,605 contracts, their largest net long since May. In April the net long position was near a record at 92,731 long.
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