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Live Cattle
Technicals (August-Q) August live cattle futures broke out above our resistance pocket from 184.55-185.55 which opened the door for an extension towards our next level, 187.50. Consecutive closes above this level and the conversation of a retest of contract highs becomes more realistic. The recent run higher has brought the RSI into overbought territory for the first time since February.
Weekly Export Sales Snapshot: Net sales of 16,700 MT for 2024 were up 13 percent from the previous week and 17 percent from the prior 4-week average
- Resistance: 184.45-185.55***, 187.50**
- Pivot: 181.85-182.15
- Support: 179.82-180.15***, 176.05-176.35***
Lean Hogs
Technicals (August – Q) Lean hogs continue to trade in wild fashion, which shouldn’t be terribly surprising if you’ve ever traded lean hogs. We’d like to think the market could see some relief but the Bulls want to see a close back above 92.00-92.42 to help spark what could be a more sustainable relief rally. Until then, buckle up and keep your hard hat on.
Weekly Export Sales Snapshot: Net sales of 39,200 MT for 2024 were up 83 percent from the previous week and 25 percent from the prior 4-week average.
- Resistance: 95.20-95.75*, 97.78-98.67
- Pivot: 92.00-92.42
- Support: 86.00-86.67***
Feeder Cattle
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