Live Cattle Continue to Disappoint
Tuesday’s Slaughter is estimated at 126,000. Unchanged from last week, and 6,000 more than the same week last year.
Tuesday’s Cutout Values
Choice: 264.66, Up .84 from the previous day.
Select: 239.87 Down .60 from the previous day.
Choice/Select Spread: 24.79
5 Area Average Cattle Price
Live Steer: N/A
Live Heifer: N/A
Dressed Steer: N/A
Dressed Heifer: N/A
Live Cattle
Technicals (August): Live cattle finished last week with a strong rally, setting the table for continuation to start this week’s trade. As the cattle market has gone recently, that optimism faded quickly in yesterday’s trade as prices retreated and erased nearly all of Friday’s gains. With the market chopping around, many of the technical support and resistance pockets remain unchanged from yesterday’s report. 135.25-135.75 is the first barrier that the Bulls want to overcome to encourage a bigger and more meaningful rally attempt.
Resistance: 135.25-135.75***, 136.20**, 137.95-138.75***, 140.275**
Pivot: 134.70
Support: 132.45-132.775***, 129.975-130.725****
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