December live cattle (LEZ25) futures hit a 4.5-month low last Friday and for the week lost $4.70 a hundredweight. January feeder cattle (GFF26) futures also notched a 4.5-month low and on the week fell $6.325. December lean hog (HEZ25) futures last week were down 70 cents. Live and feeder cattle futures and lean hog futures markets are all in near-term price downtrends on their daily bar charts, which suggests the path of least resistance for prices will remain sideways or lower for at least the time being.
Still, livestock futures bulls can correctly argue their markets have taken a beating lately and the bears may now be exhausted. The high-range closes in live and feeder cattle futures markets on Friday begin to suggest that is the case.
