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Market Recap and Closing Prices 

Cattle futures (live and feeders) were hit hard last week but managed to stage a recovery rally to start this weeks trade.  June live cattle finished the day at 162.45, that was up .50 on the day.  Friday’s high will act as first resistance this week, that comes in at 163.125.  On the support side, the 50-day moving average is the attention grabber, that also corresponds with the gap from April 6th.  A failure there could spark long liquidation from Funds, who have a historically large net long position (for good reason).

August feeder cattle were able to snap the six-day losing streak today, finishing 1.675 higher to 223.10.  We see a similar chart setup to live cattle in the since that the 50-day moving average is acting as support, that comes in at 220.80.  Funds are also aggressively long this market, and a technical failure could trigger selling.  On the resistance side, there is a small gap from May 3rd, that comes in from 225.925-226.05.  The Bulls would like to achieve consecutive closes back above here.

Lean hogs.  The grinch of the livestock markets.  The market looked promising just about two weeks’ ago, but gave it up last week with June futures making new lows for the move on Friday.  That weakness continued into today’s trade with June futures closing .475 lower to 83.30.  The December contract was .65 lower to 74.625.  The December contract isn’t as heavily traded, but we’ve been referencing it as the month where we see value, which is currently long and wrong.

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