Can Cattle Futures Hold Ground?

Posted: June 20, 2023, 7:36 a.m.

Live Cattle

Technicals (August - Q)

  • August live cattle futures continued to consolidate last week as the market waits for new news to potentially give the market new direction.  The cash market did soften up a hair, if that becomes a trend, potentially that sparks additional profit taking.  Support remains in tact from 170.95-171.30, a break and close below here could open the door for a pullback to 167.25-167.75.

Resistance:  175.95-176.25***, 178.10*

Support: 170.95-171.30****, 167.25-167.75***

LEQ2023_2023-06-20_07-09-02
     

Feeder Cattle

Technicals (August-Q)

  • August feeder cattle futures pulled back to the 50% retracement, or the middle of the range from the recent move higher.  This will act as support along with the 50-day moving average to start the week.  A break and close below and a full retracement could be back in play.  

Resistance: 240.90-241.90***

Pivot: 236.40-236.60

Support: 231.40-232.30***

GFQ2023_2023-06-20_07-13-20
     

Lean Hogs

  • Technicals (July - N)

    • July lean hogs have had a remarkable recovery over the last couple of weeks but has stalled out against previous resistance that dates back to March and April, 94.50-95.15.  A continued failure against this pocket could lead to additional consolidation and a potential retracement back to 89.70-90.00.
       

    Resistance: 93.125**, 94.50-95.15***

    Support: 89.70-90.00***, 87.70-88.50*** 

HEN2023_2023-06-20_07-09-18

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Livestock Feeder Cattle Lean Hogs Live Cattle

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