Live Cattle (Nearby futures): The April issue extended the markets major (long-term) uptrend to a high $255.975 during April before closing at $254.00, up $10.725 (4.4%) for the month. Theoretical Positions: Investors are long the market (futures, ETFs, etc.) based on continued bullish real fundamentals.
Feeder Cattle (Nearby futures): It could still be argued the futures market is in a major downtrend based on the bearish key reversal from October 2025 on the continuous monthly chart (nearby futures contact). Theoretical Positions: Long-term investors might’ve sold the market near the October settlement of $331.90. Others may have waited for the recovery bounce, what would be considered a Wave B (second wave) within the 3-wave downtrend pattern (Elliott Wave Theory).
Lean Hogs (Nearby futures): The futures market remains in a major sideways trend. Theoretical Positions: Long-term investors are likely on the sidelines at this time.
