Live Cattle (Nearby futures): I’ll still call the market in a major (long-term) downtrend based on the bearish key reversal during May. Theoretical Positions: Investors long the market (futures, ETFs, etc.) based on continued bullish real fundamentals could’ve liquidated those positions and gone short near the May settlement of $239.00. Stops would be above the June high of $256.625. The August futures contract closed May at $239.05 and June at $242.425.
Feeder Cattle (Nearby futures): I’m going to call the market in a major sideways trend between the October 2025 high of $382.80 and November 2025 low of $299.525. The August issue closed June at $364.60, up $16.175 for the month. Theoretical Positions: Long-term investors are likely on the sidelines.
Lean Hogs (Nearby futures): From a technical point of view, the futures market moved into a major downtrend as the spot-month futures contract took out the previous low of $94.10. The August issue closed June at $98.20, down $1.30 for the month. Theoretical Positions: Long-term investors may have gone short the more heavily traded August issue during June.
