Live Cattle (December)
December live cattle futures got hit hard yesterday morning, taking prices into negative territory for the week. Prices were able to defend first support yesterday, that remains intact from 175.92-176.10. A break and close below here could spark another wave of selling which could take us back to the lows from last month, 173.175. On the resistance side, the Bulls want to see consecutive closes above 179.10-179.97 to neutralize some of the bearish sentiment.
Anthrax found in multiple beef herds in Wyoming adds to the long list of recent headline risks. As mentioned multiple times over the last month, these are the type of headlines that can lead to a buyer’s strike, which is what we saw in yesterday’s trade.
Weekly export sales came in at 16,500 MT for 2024 were down 4 percent from the previous week and 7 percent from the prior 4-week average.
- Resistance:179.10-179.97*, 181.325-182.07
- Pivot: 177.50
- Support: 175.92-176.10, 173.17-173.87
Feeder Cattle (October)
October feeder cattle broke lower yesterday but were able to defend 4-star support on a closing basis, that remains intact for today’s trade, coming in from 232.75-233.95. A failure there and a retest of the lows seems all but inevitable, that comes in at 229.35-229.85. On the resistance side, the big barrier from 238.80-239.825 remains intact.
- Resistance: 238.80-239.825, 242.75-243.45
- Pivot: 236.20-236.75
- Support: 232.75-233.95, 229.35-229.85
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