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Cattle Futures Continue to Retreat. Is the High In?
Posted: Aug. 9, 2023, 7:07 a.m.
Live Cattle
Technicals (October- V)
October live cattle futures continued to retreat in yesterday's trade, taking prices right back to where prices were trading on Thursday. If the pressure persists through the morning we could see a retest of low end of July's trading range, 178.62-179.10. There is also a trendline from the May lows that comes in near that pocket, but it is moving higher each day. That will be something to keep a close eye on going forward.
Resistance: 183.72-184.35***, 185.75***
Pivot: 181.52-182.17
Support: 178.62-179.10***, 176.20-177.25****
Feeder Cattle
Technicals (October - V)
October feeder cattle continued to trade lower yesterday, despite a weaker corn market in the early morning trade. All in all, not much has changed there. The market remains mostly rangebound which keeps opportunities alive for short term traders on both sides of the market.
Resistance: 256.00-256.50**
Pivot: 252.60-253.00
Support:247.40-247.75***
Lean Hogs
Technicals (October - V)
October lean hog futures traded on both sides of unchanged yesterday as the market continues to bump its head against significant resistance from 85.50-86.40. If the Bulls can chew through this pocket, it could open the door for a big move higher with 90.00 and above being in the cards.
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