Can Pigs Fly? October Lean Hogs Did
Posted: Aug. 31, 2023, 8 a.m.
Live Cattle |
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Technicals (October- V) October live cattle struggled to get out above trendline resistance this week which may have added some technical pressure to prices in yesterday's trade. The market pulled back to the 50-day moving average which acted as support. If the market fails to defend our pivot pocket from 178.62-179.10 we could see further long liquidation ensue. Resistance: 181.52-182.30***,183.72-184.35*** Pivot: 178.62-179.10 Support: 176.20-177.25**** |
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Seasonal TendenciesPrior to Thursday and Friday, October live cattle were trading on par with historical seasonal tendencies. |
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Feeder Cattle |
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Technicals (October - V) Previous resistance is now support. 253.50-254.25 is the battleground area for the Bulls and the Bears. A break back below that pocket could spur additional technical selling with little in the way until closer to 250.225. On the resistance side of things, this week's highs act as the first barrier. That comes in from 257.40-257.925. Resistance: 257.40-257.925**, 260* Pivot: 256.00-256.50 Support: 253.50-254.25***, 252.60-253.00** |
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Seasonal TendenciesOctober feeder cattle futures have been bucking the trend of historical seasonal tendencies, see the chart below for Comparisions versus the 5, 10, 15, 20, and 30 year averages. |
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Lean HogsTechnicals (October - V) Check out yesterday's 2-Minute Drill for the technical breakdown of the October Lean hog chart: 2 Minute Drill - Lean Hogs & Corn - Blue Line Futures Resistance: 85.15-85.75***** Pivot: 83.12 Support: 80.55-81.50***, 77.57-77.80**** |
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