Livestock Markets Were a Stick in the Mud on Thursday
Livestock futures (cattle and hogs) stayed contained within the prior day’s range. Where does that leave the charts heading into the last day of the week?
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Live Cattle (August)
August live cattle futures have used this week’s trade to catch their breath, following last week’s surge higher. The lack of follow through to the upside and consolidation has brought the RSI back below overbought conditions, with a reading of 65.58 at yesterday’s close. With yesterday’s trade staying contained within the prior day’s range, support and resistance levels remain intact. Despite the strong fundamental backdrop, headline risks remain. Yesterday we touched on a few potential ones, including ICE raids, plant issues, and screwworm. Potentially another one was added overnight with geopolitics back in focus which has impacted some flows in the markets overnight.
Resistance: 220.00-220.25**, 225*
Pivot: 216.00-216.075
Support: 214.50**, 212.475-213.05***
Daily Cattle and Beef Summary
Cutout values were firm on Thursday afternoon with choice cuts 1.96 higher to 376.72 and select cuts 2.32 higher to 363.07. Slaughter on Thursday was reported at 115k head. The 5-area average price for live steers was reported at 237.09. The CME Feeder Cattle Index is at 315.85 with the NBW Real Time Index at 314.26 this morning.
Seasonal Tendency Update
(updated 6.9.25)
Below is a look at historical price averages for August futures on a 5, 10, 15, 20, and 30 year time frames (Past performance is not necessarily indicative of future results).
Commitment of Traders Update
Friday’s Commitment of Traders report showed Funds were net buyers of roughly 500 futures and options contracts, brining the net long down to 131,805.
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