Live Cattle (Nearby futures): The market extended its major (long-term) downtrend to a low of $205.125 before the October issue closed August at $212.675, down $14.575 (6.4%)for the month. The downtrend began with the bearish key reversal during May 2026. 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.
Feeder Cattle (Nearby futures): The September issue extended the market’s major downtrend to a low of $310.85 during August before closing at $317.025, down $26.75 (7.8%) for the month. Theoretical Positions: Investors might’ve gone short futures near the May settlement of $348.425 based on the monthly bearish outside range.
Lean Hogs (Nearby futures): I’m still not getting a good read on the major trend. For now it looks to be sideways between converging trend lines. Note the nearby October issue posted a low of $79.675 during August, dropping below the lower trend line, before closing back, above at 83.675. This was still down $1.175 (1.4%) for the month. Theoretical Positions: Long-term investors are likely on the sidelines, waiting for a clearer signal.
