Cattle Futures Look to Finish the Quarter on a High Note

Live Cattle

Technicals (August-Q) Live cattle futures spent much of the day consolidating, following Wednesday’s sharp move higher. With it being the last trading day of the month and quarter, you could probably make the case for price action in either direction. Fundamentals remain stout and it appears Funds have been dipping their toes back in. Barring any “scary” headlines, the Bulls still have the advantage.

Resistance: 187.575, 189.00
Pivot: 184.45-185.55
Support: 181.85-182.15, 179.82-180.15

Feeder Cattle

Technicals (August – Q) August feeder cattle futures pulled back yesterday, keeping the consolidation wedge intact. We do have a USDA grain report today, historically this report has the potential to be volatile, which could spill over into a knee jerk trade in cattle. That report is out at 11am CT, so keep that in mind for your own risk management.

Resistance: 264.75-265.75* 267.50-268.00
Pivot: 261.55-261.80
Support: 257.57-258.50****

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