/HE (lean hogs futures) offers an objective, albeit somewhat aggressive long entry here at support, adding to the position if/when the bullish case firms up such as a break above the downtrend line, confirmation of the positive divergence via bullish PPO crossover, etc… 120-minute chart below.
While hogs & cattle futures often trend together over time as competing protein sources, they do trade on their own unique technicals & fundamentals in the short term. One could short /LE (live cattle) here at resistance as a potential (but indirect) hedge to a /HE long with a stop above the recent highs. 120-minute chart below.
As I’m not aware of any actively traded ETFs or ETNs that directly track cattle or hogs separately, I typically use COW (iPath Livestock ETN) which tracks both live cattle & lean hogs futures as an alternative to using futures. With contradicting technical postures (bullish vs. bearish) on live cattle & lean hogs, I can’t make a strong case to be long or short COW at this time other than a pot-shot trade for a swing down to the bottom of the channel although my preference is either a pure-play long on /HE and/or a long/short pairs trade on /HE & /LE.