Livestock Rundown
Posted: June 8, 2023, 8:18 a.m.
Live Cattle |
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Technicals (August - Q) August live cattle futures were lower in the early morning trade but were able to stabilize and finish the session near the highs of the day. The fact that the market has been able to defend these elevated levels is constructive for the Bull camp. The lows from Friday and Monday will act as significant support this week. If we see the market violate that and close below, we could see that trigger technical selling. Resistance: 175.95-176.25***, 178.10* Support: 170.95-171.30****, 167.25-167.75*** |
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Feeder Cattle |
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Technicals (August-Q) August feeder cattle futures were able to stage a midday rally yesterday, some of which may have come on the reversal in the corn market. Though yesterday's higher trade was encouraging for the Bulls, the market is still in a 4-day trading range. 240.90-241.00 is the pocket the Bulls will want to get out above to encourage a potential retest of the contract highs. Resistance: 244.45-245.175** Pivot: 240.90-241.00 Support: 235.50-236.00***, 232.225-233.325**** |
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Lean HogsTechnicals (July - N) July lean hog futures were under minor pressure yesterday, but after such an impressive rally over the last two and a half weeks, the pullbacks are expected and welcomed. It looks as though the market may be settling into a new trading range, call it 88(ish)-95(ish). We would potentially be looking at buying the lower end of that and selling the upper end. Resistance: 93.125**, 94.50-95.15*** Support: 89.70-90.00***, 87.45-88.00*** |
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