Live Cattle
Technicals (October- V)
October live cattle futures were able to breakout above trendline resistance in yesterday’s trade which may have fueled additional technical buying which took prices towards the upper end of the August range. The next hurdle for the Bulls comes in from 183.72-184.35.
Resistance: 183.72-184.35***, 185.75**
Pivot: 181.52-182.30
Support: 178.62-179.10**, 176.20-177.25****
Seasonal Tendencies
This year bucked the trend of the seasonal weakness in the back half of August, but yesterday was able to pick up on the Bullish seasonal tendencies.
Feeder Cattle
Technicals (October – V)
October feeder cattle were able to defend support near 254 which may have helped attract buyers back into the market in yesterday’s trade. The rally has taken prices back to our pivot pocket. A breakout above that level likely opens the door for a retest if not new contract highs. A break and close back below support would turn the tides, until then, the Bulls still have the technical advantage.
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.
Lean Hogs
Technicals (October – V)
October lean hogs fed off of Tuesday’s reversal yesterday, taking prices back to the 50-day moving average which acted as support into the close. A break below yesterday’s low (81.575) opens the door for a potential retest of the 100-day moving average, 80.10.
Resistance: 85.15-85.75*****
Pivot: 83.12
Support: 80.55-81.50***, 77.57-77.80****
Seasonal Tendencies
October lean hogs are entering a seasonally friendly time of year. See the chart below for Comparisions versus the 5, 10, 15, 20, and 30 year averages.Â
