Live Cattle
Technicals (June-M)
June live cattle futures were able to defend Friday’s low on a closing basis which turns our bias a little bit more friendly here in the near term. With that said, headline risk remains, so manage risk accordingly. If the Bulls can use yesterday’s encouraging price action to feed today’s trade, we could see an extension back to our resistance pocket from 178.45-178.80. All in all, we continue to believe price consolidation is a likely scenario in this environment, which should present some great tradable opportunities on both sides of the market. So as they say: Trade it, don’t marry it.
Resistance: 178.45-178.80*, 179.825-180.75
Pivot: 175.80-176.20
Support: 172.90-173.425* 169.00-170.00*
Feeder Cattle
Technicals (August – Q)
August feeder cattle futures struggled yesterday, partly due to a firm grain trade. If the Bulls fail to regain ground above our pivot pocket from 254.02-255.00 we could see continued pressure down to 248.30-250.075. Like live cattle, we wouldn’t be surprised to see a choppy consolidation trade, but it’ll likely be in wider ranges. That would be in line with seasonal tendences, which start to firm into June.
Resistance: 258.00-258.50, 263.325-264.875*
Pivot: 254.025-255.00
Support: 248.30-250.075****
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