The Winning Streak is in Jeopardy.

Posted: July 31, 2023, 8:13 a.m.

Live Cattle

Technicals (October- V)

October live cattle futures spent the back half of last week in consolidation mode as we enter the last trading day of the month. October futures have traded higher for 9 consecutive months and are riding the fence of their 10th straight month. As of Friday's close, they are positive by 5 cents this month. Friday's Commitment of Traders report showed funds holding a net long position of 106,615 futures/options contracts. There were 7,116 less long positions reported and only 84 new long positions.

Resistance: 181.52-182.17***, 184.35**, 185.75***

Pivot: 178.62-179.10

Support: 176.20-177.25****, 174.80**

Feeder Cattle

Technicals (October - V)

Feeder cattle have been rangebound for the bulk of July, it would be reasonable to assume that the last trading day would be more of the same. Grain futures are sharply lower this morning which may offer some support on the open. Support and resistance levels remain intact.

Resistance: 252.60-253.00***, 254.20**, 256.00**

Support: 247.40-247.75***, 246.025**, 243.75***

Lean Hogs

Technicals (October - V)

October lean hogs had an impressive move higher on Friday that took prices back up near our technical resistance pocket, 85.50-86.40. This pocket represents previously important price points along with the 200-day moving average. If the Bulls can chew through this pocket, it could trigger a technical buying spree with the next potential target coming in closer to 90.00.

Resistance: 85.50-86.40****, 87.77-88.32***, 89.12-90.00**

Pivot: 83.55

Support: 80.55-81.50***, 78.45**

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