A Tailwind for Livestock Markets

Friday’s Slaughter is estimated at 124,000. Unchanged from last week, but 6,000 more than the same week last year.

Friday’s Cutout Values

Choice: 266.26, Down .90 from the previous day.

Select: 246.53, Up 1.15 from the previous day.

Choice/Select Spread: 19.73

5 Area Average Cattle Price

Live Steer: 143.73

Live Heifer: 142.94

Dressed Steer: 229.73

Dressed Heifer: 229.95

Live Cattle

Commitments of Traders Update: Friday’s CoT report showed Managed Money were net buyers of 10,576 futures/options through June 14th. Much of which was short covering (12,733 contracts). This expands their net long position to 31,926. Broken down, that is 76,596 longs VS 44,670 shorts. This is still a relatively neutral breakdown for the funds, which continues to favor the Bulls.

Technicals (August): August live cattle were choppy to round out last week’s trade, finishing the session right near unchanged, which is also in line with the 100-day moving average, 136.62. Outside markets are firm this morning which may help provide a tailwind to the market. If the Bulls can chew through resistance from....Sign up for your FREE two-week trial of our daily commodity commentary!

Resistance:

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Feeder Cattle

Commitments of Traders Update: Friday’s CoT report showed Managed Money were net buyers of 1,354 futures/options through June 14th. This shrinks their net short position to 3,553. Broken down that is 10,436 longs VS 13,989 shorts.

Technicals (August): August feeder cattle futures were able to defend trend line support on Friday, the third time in five sessions that it was tested and held. That comes in at 171.65 today. On the resistance side of things, the gap from June 13th was partially filled last week, but remains open up to

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Resistance:

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Support:

Lean Hogs

Commitments of Traders Update: Friday’s CoT report showed Managed Money were net sellers of 3,641 futures/options contracts through June 14th. This shrinks their net long position to 18,832 futures/options. Broken down that is 44,483 longs VS 25,651 shorts.

Technicals (July): July lean hogs gaped higher on Friday but couldn’t get much else going after fizzling out against trendline resistance from the March 31st high and the 50-day moving average. If the Bulls can chew through this barrier, we could see futures attempt to breakout above

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Resistance:

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Support:

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