Live Cattle (Cash Index): The live cattle cash index resumed its major (long-term) uptrend as it posted a high of $184 during September. Resistance is still at the June high of $190.00. Theoretical Positions: Traders would likely be long the market with a stop below the previous 4-month low of $171.00 (June 2023). Hedgers have likely continued to roll put options up and sell cash.
Feeder Cattle (Cash Index): The cash market extended its major uptrend to a high of $254.10 during September. Theoretical Positions: Traders are likely still long the market. As with live cattle, hedgers have likely continued to roll put options up and sell cash.
Lean Hogs (Cash Index): I’m not getting a good read on the major trend for the cash lean hog market. After completing a bearish 2-month reversal at the end of August, the index gapped down to start September and closed near its monthly low of $86.01. Theoretical Positions: Traders might’ve gone long the market near $80.02 on the move to a new 4-month high, or at the May settlement of $80.08.