Live Cattle (Cash Index): The cash market remains in a major (long-term) uptrend as it hit a new high of $165.00 during March. The market’s reported all-time high from November 2014 is at $173.36. Theoretical Positions: Traders would likely be long the market with a stop below the previous 4-month low of $154.25 (December 2022).
Feeder Cattle (Cash Index): The cash market remains in a major (long-term) uptrend as it hit and closed at a new high of $193.34 during March. Theoretical Positions: Traders are likely still long the market. Sell stops would be placed below the previous 4-month low of $175.73.
Lean Hogs (Cash Index): For now, I’ll continue to say the major trend turned up during February, despite the selloff seen during March. The initial upside target remains near $91.276. Theoretical Positions: Traders who were short from last August could’ve bought back near the February close of $78.22. New long positions could also be established at the same price with sell stops below the January low of $72.13.
