Cattle futures were mixed in yesterday’s trade. With little new news to stoke the sentiment in either direction, a rangebound trade is likely to continue
Live Cattle
Technicals (October- V)
We wish there was something more exciting to talk about when it comes to live cattle, but the sideways trade has kept sentiment subdued. Trendline resistance (white line on chart) will continue to be monitored closely. Â
Resistance: 181.52-182.30***,183.72-184.35***
Pivot: 178.62-179.10
Support: 176.20-177.25****
Seasonal Tendencies
Prior to Thursday and Friday, October live cattle were trading on par with historical seasonal tendencies.
Feeder Cattle
Technicals (October – V)
October feeder traded on both sides of unchanged yesterday but ultimately finished near where they opened, which happens to be first support. A failure to defend this level could open the door for a retest of the low end of the range.
Resistance: 257.40-257.925**, 260*
Pivot: 256.00-256.50
Support: 253.50-254.25***, 252.60-253.00**
Seasonal Tendencies
October 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.Â
Lean Hogs
Technicals (October – V)
October lean hogs made new highs for the move yesterday but reversed after falling just shy of the 200-day moving average. That has been and will continue to be significant resistance for the market.
Resistance: 85.15-85.75*****
Pivot: 83.12
Support: 80.55-81.50***, 77.57-77.80****
