Live Cattle (Cash Index): The futures market extended its major (long-term) uptrend to a high of $235.00 before closing June at $225.00, up $2.87 for the month. Fundamentally, the market remains bullish, according to futures spreads. Technically, we need to keep an eye on the Index after it finished the month well off its new high. Theoretical Positions: Hedgers have likely been rolling put options up during the major uptrend and selling cash cattle when ready. However, from a technical point of view, the market could be forming a top based on all the price gaps and finishing June well off the monthly high.
Feeder Cattle (Cash Index): The futures market extended its major uptrend to a high of $317.10 before closing June at $314.07, up $12.94 (4.3%) for the month. Theoretical Positions: Hedgers have likely continued to roll put options up and sell cash (see Weekly Analysis) feeders when ready.
Lean Hogs (Cash Index): The cash market extended its major uptrend to a high of $112.023 before closing June at that price. Theoretical Positions: Cash hogs could continued to be sold when ready.
This continues to be one of the easiest sectors. Someday, that will change.
