Bearish Live Cattle Seasonals Take Center Stage

August 16, 2023 / August 16, 2023 by nawadblueline | Leave a comment

Cattle futures are flirting with trendline support from the May lows. If the cash market cannot find its footing, it may be enough to keep buyers at bay and potentially cause long liquidation below support.

Live Cattle

Technicals (October- V)

October live cattle futures are flirting with trendline support from the May lows. A failure to defend this could trigger additional long liquidation with the next objective coming in at the low end of recent range, 178.62-179.10. The market isn’t “in trouble” until that pocket gives way.

Resistance: 183.72-184.35***, 185.75***

Pivot: 181.52-182.17

Support: 178.62-179.10***, 176.20-177.25****

LEV2023_2023-08-15_07-44-59 — Below is a look at the seasonal tendencies for October live cattle.

8.10.23 Oct Cattle Seasonal — Feeder Cattle

Technicals (October – V)

Feeder cattle futures continue to be mostly range-bound which has kept are daily commentary pretty blah. Technical levels remain intact.

Resistance: 256.00-256.50**

Pivot: 252.60-253.00

Support:247.40-247.75***

Lean Hogs

Technicals (October – V)

October lean hogs broke below support yesterday which has done some damage to the chart. If the Bulls fail to find their footing today it could lead to additional selling pressure with 77.57-77.80 being the next downside target for the Bears.

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

Pivot: 80.55-81.50

Support: 78.45**, 77.57-77.80****

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Lean Hogs

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