Is Cattle Due for a Pullback?
Tuesday’s Slaughter is estimated at 125,000. Unchanged from last week, but 6,000 more than the same week last year.
Tuesday’s Cutout Values
Choice: 269.11, Up 1.00 from the previous day.
Select: 243.88, Down 1.12 from the previous day.
Choice/Select Spread: 25.23
5 Area Average Cattle Price
Live Steer: 141.00
Live Heifer: N/A
Dressed Steer: N/A
Dressed Heifer: N/A
Live Cattle
Technicals (October): October live cattle futures gave back some ground yesterday after failing to get out above technical resistance. The market pulled back, but it wasn’t enough to do any technical damage. A break and close below our pivot pocket from 141.80-141.90 may be the inflection point which may cause more damage if it cannot hold. Below that pocket, there isn’t a lot of meaningful support until you get closer to trendline support, the 50 and 200 day moving average. All of these come in from about 140-141. We wouldn’t be surprised to see the market retest these levels in the near term.
Resistance: 145.10-145.975****, 147.35-147.50**
Pivot: 141.80-141.90
Support: 139.975-140.675**, 138.025-138.35****
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