Daily Live Cattle Fundamental and Technical Outlook (6.8.22)
Tuesday’s Slaughter is estimated at 126,000, Unchanged from last week and 5,000 more than the same week last year.
Tuesday’s Cutout Values
Choice: 271.42, Up 1.84 from the previous day.
Select: 249.56 Down 1.53 from the previous day.
Choice/Select Spread: 21.86
5 Area Average Cattle Price
Live Steer: 141.00
Live Heifer: N/A
Dressed Steer: 222.00
Dressed Heifer: N/A
Live Cattle
Technicals (August): August live cattle were able to defend our pivot pocket from 132.65-132.75 which heled prices recover some of Monday’s losses in yesterday’s session. Though encouraging, it is so far marked down as another failure against our resistance pocket from 134.40-135.10. If the Bulls can chew through this pocket with come conviction it could open the door for an extension towards the 100-day moving average, 136.65.
Resistance:134.40-135.10***, 136.65**, 137.125-137.60***
Pivot: 132.625-132.75
Support: 130.00-130.65***, 126.80-127.30****
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