Cattle Futures Show Signs of Weakness

Posted: Aug. 1, 2023, 7:49 a.m.

Live Cattle

Technicals (October- V)

October live cattle broke below support yesterday but managed to recover, finishing the day back near our pivot pocket. The reversal off the lows is a little bit of a silver lining for the Bulls. But a retest of yesterday's low would likely erase that glimmer of hope. On the resistance side of things, 181.52-182.17 is the first hurdle for the Bulls to get over.

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)

October feeder cattle continue to be rangebound, so there's not a lot of new news to report on that end. I would add though that considering the sharp selloff in corn over the last several sessions, the lack of support that offered to feeders is a bit of a caution flag.

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 are knocking on the door of a breakout, settling in the middle of our 4-star resistance pocket from 85.50-86.40. Yesterday's close was the highest close since March 15th. If the Bulls can keep the momentum going and achieve a close above resistance, it could extend the rally towards the 90.00 level.

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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