Livestock RoundUp

Posted: Sept. 8, 2021, 2:31 p.m.

Live Cattle (December)

Live cattle were sharply lower last week, with the October contract trading as much as 8.225 off the August 24th highs (9 sessions). With October up against the shot clock, we talked last week about looking long the December contract against the 100-day moving average, which comes in near 130.65. For clients who want to be long the market or were short the market, we used the back half of last week as a buying opportunity. If December futures fail to defend the 130.00 level on a closing basis, we would likely take our medicine and wait for another opportunity. Cash trade last week was mostly steady with the south trading 123-124 and the north trading 125-130.

 

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Live Cattle (December)

Live cattle were sharply lower last week, with the October contract trading as much as 8.225 off the August 24th highs (9 sessions). With October up against the shot clock, we talked last week about looking long the December contract against the 100-day moving average, which comes in near 130.65. For clients who want to be long the market or were short the market, we used the back half of last week as a buying opportunity. If December futures fail to defend the 130.00 level on a closing basis, we would likely take our medicine and wait for another opportunity. Cash trade last week was mostly steady with the south trading 123-124 and the north trading 125-130.

 

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Lean Hogs (October)

October lean hogs have been relatively quiet over the last week, as they continue to treat on the 100-day moving average, coming in at 89.30 this morning. The Bulls need to continue defending this technical indicator, a failure to do so could spark some long liquidation. Our near term bias is pretty neutral until we get a breakout or breakdown from resistance or support.

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