Live Cattle (December)
December live cattle attempted to rally yesterday but were unable to defend higher prices, finishing the session near the low end of the day’s range. We have seen a choppy sideways market for the last few weeks, and we would not be surprised to see that continue, with the expectation that fundamentals will be little changed in the near term.
Resistance: 130.75-131.575***, 132.00-132.50***, 134.575-134.85*** Pivot: 127.825-128.30 Support: 125.675**, 124.35**** Feeder Cattle (November)
Feeder cattle washed out all the gains from the previous five sessions and are threatening another break lower. Significant support comes in from 154.825-155.35. If the Bulls fail to defend this pocket, we could see the selling accelerate prices towards 151.375. This week marks the end of the week and quarter, which could add to the volatility.
Resistance: 160.825-161.40**** Pivot: 157.90-158.00 Support: 154.825-155.35****, 151.375** Lean Hogs (December)
December lean hogs gaped higher and finished the day limit up, giving us expanded limits for today’s session, 7.00. This week marks the end of the week and quarter, which could add to the volatility. With volatility comes irrationality.
Resistance: 83.20-83.60**, 84.375**, 86.05-86.25**** Pivot: 79.75 Support: 76.675-77.20****, 74.10-74.925***
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