Cattle Futures Remain in a Rut
Posted: Aug. 14, 2023, 7:53 a.m.
Live Cattle |
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Technicals (October- V) October live cattle finished the week under pressure, but the technical landscape remains little changed. A break and close below 178.62-179.10 is what could start to turn the tide. Seasonally this is weak time of year for October futures, which is visualized in the image below this price chart. Resistance: 183.72-184.35***, 185.75*** Pivot: 181.52-182.17 Support: 178.62-179.10***, 176.20-177.25**** |
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Below is a look at the seasonal tendencies for October live cattle. |
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Feeder Cattle |
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Technicals (October - V) Ocotber feeder cattle traded lower on Friday, but the market remains mostly sideways which can be seen in the chart below. This keeps our support and resistance pockets intact to start the week. Resistance: 256.00-256.50** Pivot: 252.60-253.00 Support:247.40-247.75*** |
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Lean HogsTechnicals (October - V) October lean hogs tested and held against 3-star support which we've outlined as 80.55-81.50. The Bulls need to defend this pocket to have a shot at working their way back to the top end of the range, which we think is possible. A break and close below support would negate that bias. 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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