Live Cattle
Technicals (August-Q)
August live cattle futures tested and held our 4-star support pocket again in yesterday's trade, that comes in from 177.92-178.57. So long as the Bulls can continue to defend this pocket we think there is some upside potential as we turn the calendar into June.
This morning's weekly export sales report showed net sales of 15,700 MT for 2024 were down 27 percent from the previous week and 12 percent from the prior 4-week average.
- Resistance: 181.85-182.15***, 183.175-183.40****
- Pivot: 179.82-180.15
- Support: 177.92-178.57****, 176.35***
Feeder Cattle
Technicals (August - Q)
August feeder cattle took another dip lower yesterday but were able to close above first support from 258.00-258.50. If the Bulls fail to defend this pocket through today's trade a pullback to 254.025-255.00 could be in order. If that were to happen, we would likely view it as a buying opportunity.
- Resistance: 263.325-264.875****
- Pivot: 261.55-261.80
- Support: 258.00-258.50*, 254.025-255.00
Lean Hogs
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