Live Cattle (Cash Index): The cash market remains in a major (long-term) uptrend as it hit a new high of $175.00 during April. 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 posted a new high of $206.37 during April. Theoretical Positions: Traders are likely still long the market. Sell stops would be placed below the previous 4-month low of $177.03.
Lean Hogs (Cash Index): The cash index extended its major downtrend to a low of $71.18 during April. The index could find support at its previous major low of $70.04 from November 2021. Theoretical Positions: It’s possible traders are still short the market. If not, most will likely stay on the sidelines unless the index takes out the November 2021 low.
