Live Cattle

Technicals (June-M)

June live cattle futures were able to stage an impressive rally in yesterday’s trade, achieving the highest daily close since April 26th. Although it was an impressive rally, we are just right back to our resistance pocket from 178.45-178.80. We did have softer economic data out this morning which bodes well for risk assets, but we are not sure that a demand driven product like beef would react as favorably. With that said, we did see some very strong cutouts yesterday with choice cuts 5.44 higher to 304.39 and select cuts 6.64 higher to 293.82.

Resistance: 178.45-178.80*, 179.65-180.75

Pivot: 175.80-176.20

Support: 172.90-173.425* 169.00-170.00*

Feeder Cattle

Technicals (August – Q)
August feeder cattle futures were able to recover some ground in yesterday’s trade, thanks in part to a softer grain market. Grains are firm in the early morning trade, will it be a headwind today? TBD. We probably sound like a broken record, but we continue to see a more rangebound trade persist in the cattle markets.

Resistance: 258.00-258.50, 263.325-264.875*

Pivot: 254.025-255.00

Support: 248.30-250.075**, 243.27

Lean Hogs 

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