| Livestock Rundown | 5/19/2023 |

Posted: May 19, 2023, 8:12 a.m.

Live Cattle

Seasonal Trend in Play

  • The next Seasonal Trend for live cattle is for the October contract and starts on May 25th.  

Technicals (June - M)

  • June live cattle futures worked their way out above short term trendline resistance, which propelled prices to closing highs and brings them within a stone's throw of contract highs.  The volume has been shifting out to the August contract, so once we get past this Cattle on Feed report, we will be shifting the foucs here.  Speaking of, here are the estimates: Cattle on Feed: 96.7 (95.9-97.2).  Placements: 95.9 (90.5-99.6).  Marketings: 90.0 (89.0-90.5).

 

Resistance:  165.75-166.275***

Pivot: 164.00-164.25 

Support: 161.075-161.925***, 159.175-159.75***

 

LEM2023_2023-05-19_07-48-01
     

Feeder Cattle

Seasonal Trend in Play: 

  • None

Technicals (August-Q)

  • August feeder cattle futures broke out above the previous contract high and resistance, 231.25-232.225.  That prompted another wave of buying which takes the market into uncharted territory.  Finding the next meaningful resistance point becomes more like a game of pin-the-tail on the donkey.  Previous resistance is now support, 231.25-232.225.

 

Resistance: 235.00*

Support: 231.25-232.225****, 225.925-226.80**

 

GFQ2023_2023-05-19_07-53-47
     

Lean Hogs

  Seasonal Tend in Play

  • December lean hog futures have trended higher from March 30th to June 10th for 12 out of the last 15 years.

Technicals (June - M)

  • June lean hogs were under heavy pressure early in yesterday's trade but were able to recover and close in positive territory.  Our resistance pocket from 87.35-87.825 is the pocket the Bulls want to get out above to encourage a rally back towards the recent highs of 92 and change. 

 

Resistance: 87.35-87.825**** 92.75**, 94.15-95.00****

Support: 82.00*

 

HEM2023_2023-05-19_07-56-15

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