Daily Livestock Commentary

Live Cattle (October)

October live cattle gaped lower on yesterday’s open, following Friday’s bearish cattle on feed report. The gap will be first resistance this week, see that from 109.05-109.40. If the Bull camp fails to reclaim ground above this pocket, we could see continued long liquidation take prices lower. The first support was tested yesterday and held; we have defined that pocket as 106.70-107.30. A break and close below this pocket would neutralize the Bullish technical developments over the last two and a half months.