Livestock Futures Commentary

December live cattle closed up the $3.00 limit at $119.72 yesterday, following a bullish USDA cattle-on-feed report issued Friday afternoon. Bulls had faded badly last week, but came roaring back yesterday and have regained the slight near-term technical advantage. The bulls' next upside price breakout objective is to push and close prices above solid technical resistance at the September high of $121.22. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $117.00. First resistance is seen at $120.00 and then at $120.50. First support is seen at $119.00 and then at yesterday's low of $118.10.

Wyckoff's Market Rating: 5.5

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November feeder cattle closed up the $3.00 limit at $139.575 yesterday. Bulls had faded late last week but quickly regained upside momentum yesterday, following Friday's bullish USDA cattle-on-feed report. Bulls still have the overall near-term technical advantage. The next upside price objective for the feeder bulls is to push and close prices above technical resistance at the September high of $140.80. The next downside price breakout objective for the bears is to push and close prices below  solid technical support at last week's low of $135.52. First resistance is seen at $140.00 and then at $140.42. First support is seen at $139.00 and then at yesterday's low of $138.50.

Wyckoff's Market Rating: 6.5

December lean hogs closed down $0.72 at $83.00 yesterday. Prices closed nearer the session low yesterday. The September low of $80.55 is very strong support. The next upside price breakout objective for the bulls is to push and close prices above solid chart resistance at the September high of $84.75. The next downside price breakout objective for the bears is pushing prices below solid technical support at last week's low of $81.20. First resistance is seen at $83.50 and then at yesterday's high of $84.15. First support is seen at yesterday's low of $82.95 and then at $82.50.

Wyckoff's Market Rating: 4.0