Live Cattle Futures Commentary
October live cattle finished yesterday’s session little changed, after trading in a mile-wide range of 4.325. The reversal off the lows should be encouraging to the bull camp for the near-term trade, 107-108 represents the bottom end of the last month’s range (excluding yesterday’s outlier session). If the bulls can defend support, we would not be surprised to see prices work back towards the top end of the recent range, 110-111.
Feeder Cattle Futures Commentary
October feeder cattle finished the day in positive territory, after trading in a range of 5.85. As far as the technicals go, it’s the same train of thought as live cattle. The reversal off of the lows was encouraging, the bulls want to defend 136.5-137.00, the bottom end of the range over the last 1 ½ months. If the bulls can establish solid footing above 140, we would look for a run back towards 144.
Lean Hogs Commentary
October lean hogs won the prize for the wildest session, trading in a range of 8.40. Most days that is not possible, but we were trading in expanded limits and nearly used it on both sides! On the technical side of things, a lot of levels go out the window for a fast market like this. With that said, yesterday’s session was perhaps the peak panic capitulation the market needed to start the bottoming process. If the bulls can reclaim 70 this week, we could see an extension of the relief rally.