Live Cattle Futures Commentary
Live Cattle (October)
Live cattle futures traded to firm up but ended the session near unchanged after trading on both sides. The inside day (trading within the previous day’s range) does little to change the technical landscape. We continue to question the value in front-month futures but believe there is an opportunity and longer-term value out in the April contract. For clients who feel the same way, we are working to establish a long position over the coming weeks. Cash cattle last week were mixed, soft in the south and steady in the north.
Resistance: 101.675**, 103.75-104.85***
Feeder Cattle Futures Commentary
Feeder Cattle (October)
October feeder cattle managed to hold their own today, thanks in part to new contract lows for December corn futures. Perhaps we could see this momentum spillover into tomorrow's session, but we remain pessimistic. The top end of the recent range comes in from 135-136, the bears have the advantage until we see consecutive closes above here.
Resistance: 135.25-136.575**, 137.825-138.20****, 139.575-140.425**
Support: 130.975*** 127.325-128.775***
PM Boxed Beef / Choice / Select
Current Cutout Values: / 230.66 / 211.62
Change from prior day: / (1.11) / (.65)
Choice/Select spread: / 19.04
Lean Hogs Commentary
Lean Hogs (December)
December lean hogs finished the session just shy of limit up, which the October contract managed to do. This brings prices right back towards the top end of the range from the beginning of August. If the bulls can achieve consecutive closes above resistance, we could see an extension back above 70.00.
Resistance: 65.825-66.525***, 69.90-70.825****
Support: 60.875**, 58.20-59.50****