Lean Hogs

Technicals (July – N) July lean hogs traded into our resistance pocket to start the week but rejected it on Tuesday’s trade.  The Bulls will want to see a conviction close or consecutive close above 95.225-95.75 to spur another leg higher, with the next upside objective coming in from 97.78-98.67.

• Resistance: 95.225-95.75***, 97.78-98.67**
• Pivot: 93.75
• Support: 91.80-92.52***, 89.87-90.27***

Live Cattle

Technicals (August-Q) August live cattle struggled in the first half of the week, will the struggles continue, or will buyers use a dip as an opportunity? TBD. The price action to start the week was certainly disappointing, especially given last Friday’s strength and the solid fundamental backdrop. The recent price action has raised a few caution flags and has tempered our expectations.

• Resistance: 184.45-185.05***
• Pivot: 181.85-182.15
• Support: 179.82-180.15***, 176.05-176.35***

Feeder Cattle

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