Market Commentary

Currencies | Energy | Food | Grains | Indexes | Interest | Livestock | Metals

LIVESTOCK

July hogs closed down $0.07 at $97.95.

July hogs closed lower on Monday as it consolidated some of the rally off March's low. The mid-range close sets the stage for a steady opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but are turning bearish hinting that a short-term top might be in or is near. Closes below gap support crossing at 96.30 would confirm that a short-term top has been posted. If July renews the rally off March's low, last December's high crossing at 101.30 is the next upside target. First resistance is last Tuesday's high crossing at 99.90. Second resistance is last December's high crossing at 101.30. First support is the 10-day moving average crossing at 97.22. Second support is the gap crossing at 96.30.

August cattle closed up $0.92 at 119.25.

August cattle closed higher due to short covering on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If August renews this year's decline, weekly support crossing at 115.44 is the next downside target. If August renews the rally off May's low, the reaction high crossing at 121.55 is the next upside target. First resistance is the reaction high crossing at 120.90. Second resistance is the reaction high crossing at 121.55. First support is May's low crossing at 117.90. Second support is weekly support crossing at 115.44.

August feeder cattle closed up $1.12 at $144.52.

August Feeder cattle closed higher due to short covering on Monday and the high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If August renews the rally off May's low, the reaction high crossing at 147.47 is the next upside target. If August renews this year's decline, weekly support crossing at 132.45 is the next downside target. First resistance is the reaction high crossing at 147.47. Second resistance is the reaction high crossing at 149.80. First support is May's low crossing at 142.50. Second support is weekly support crossing at 132.45.