Livestock Rundown

Posted: June 23, 2023, 8:50 a.m.

Live Cattle

Technicals (August - Q)

  • August live cattle futures were able to rally in yesterday's trade after retracing and defending the breakout point from June 1st.  If the Bulls can use yesterday's trade as fuel, we could see the market drift back near 174.  Ultimately, we would not be surprised to see consolidation in the coming week until we see a bigger shift in the fundamental landscape.  

Resistance:  174.17-174.40**** 175.95-176.25***

Pivot:  170.95-171.30

Support: 167.25-167.75****

LEQ2023_2023-06-23_08-13-59
     

Feeder Cattle

Technicals (August-Q)

  • August feeder cattle were able to use the weakness in corn as a tailwind, and that could potentially be the case again today.  Previous support will now act as resistance, for August feeders we see that as 231.40-232.30.  This pocket represents the 50-day moving average and the 50% retracement (middle of the range) from the last two months.

Resistance: 236.40-236.60***, 240.90-241.90***

Pivot: 231.40-232.30 

Support: 226.50**, 220-221****

GFQ2023_2023-06-23_08-16-52
     

Lean Hogs

  • Technicals (July - N)

    • July lean hog futures pulled back yesterday following a failure to breakout above resistance from the April highs.  All in all, yesterday's pullback was large, but it was healthy and warranted after such a sharp recovery rally.  We would not be surprised to see the market settle into more of a trading range next week, ahead of the Hogs and Pigs report. 
       

    Resistance: 96.67-96.90***, 99.15-100.35****

    Pivot:  94.15-95.00

    Support: 89.70-90.00***, 87.50-88.50*** 

HEN2023_2023-06-23_08-19-00

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Livestock Feeder Cattle Lean Hogs Live Cattle

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