Livestock Round Up 6/5/2023

Posted: June 5, 2023, 7:59 a.m.

Live Cattle

Technicals (August - Q)

  • Live cattle futures got shot out of a cannon last week, taking advantage of the new and larger daily trading limits.  As far as the technicals go, they are out the window in this environment.  We've seen a big swing to the upside, do not be surprised to see big swings to the downside.  That does not mean we have marked a top.  The second chart is a look at the August 2014 contract, to help illustrate the swings that are possible after such a big move.  

 

Resistance:  

Pivot: 167.25-167.75 

Support: 164.57-165.05***, 160.80-161.55****

LEQ2023_2023-06-05_07-30-01
     

Below is a look at the 2014 August live cattle contract.  As you can see, we saw some WILD swings on a weekly basis, to the tune of about $13.  

LEQ2014_2023-06-05_07-37-16

Feeder Cattle

Technicals (August-Q)

  • August feeder cattle posted a new closing high to end last week's trade, keeping prices in uncharted territory.  First meaningful support doesn't come in until 235.50-236.00

 

Resistance: 

Support: 235.50-236.00***, 231.25-232.225****

GFQ2023_2023-06-05_07-39-58

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Lean Hogs

Technicals (June - M)

  • June lean hogs were able to dig themselves out of a deep hole last week, trading back to our resistance pocket before running out of gas.  That pocket remains intact to start this week's trade and comes in from 86.75-87.82.  IF the Bulls can chew through this level, we could see an extension back above 90.

 

Resistance: 86.75-87.82***, 91.05-92.00****

Pivot: 82.50-83.00

Support: 79.775-80.00**

HEM2023_2023-06-05_07-42-16


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Livestock Feeder Cattle Lean Hogs Live Cattle

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