A Choppy Trade in Livestock Futures

Research Posts Livestock Round Up

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Will strong export data help offer support to the lean hog market? A choppy trade in cattle as the market looks to catch it’s breath following extensive selling pressure earlier in the week.

Live Cattle

Technicals (December – Z)

It was more of a two-sided trade in yesterday’s session, which did little to change the technical landscape. Previous support will now be resistance, so 187.25-187.72 will be the pocket to keep a close eye on.  A failure to get back out above here likely give the Bears the near-term technical advantage.  This morning’s weekly export sales showed net sales of 13,300 MT for 2023 were down 25 percent from the previous week, but up 7 percent from the prior 4-week average.

Resistance: 190.17***, 191.50-192.05***

Pivot:  187.25-187.72

Support: 186.00-186.27***, 183.40-184.10**

Seasonal Tendencies

Below is a look at historical seasonality’s (updated each Monday) VS today’s prices (black line).

Feeder Cattle

Technicals (November – X)

November feeder cattle traded on both sides of unchanged yesterday, only to finish the day near unchanged and right near the 100-day moving average. Little changed in the day-to-day price settlement leaves the technical landscape little changed as well.  The Bulls need to see a close back above 253.50-255.00 to neutralize the recent techncial damage that has been done.

Resistance: 257.47-258.45***, 262.07****

Pivot: 253.50-255.00

Support: 249.50-250.10**, 246.70-247.72***

Seasonal Tendencies 

Below is a look at historical seasonality’s (updated each Monday) VS today’s prices (black line).

Lean Hogs

Technicals (December – Z)

Like the cattle markets, December lean hogs had a choppy two-sided trade yesterday, only to finish the day little changed.  Perhaps this morning’s strong export data can give the market some momentum on the open this morning.  That report showed net sales of 43,000 MT for 2023 were up 57 percent from the previous week and 61 percent from the prior 4-week average. 

Resistance: 74.50-74.60***, 77.70-78.10*** 

Pivot: 70.775-70.90 

Support: 67.32-67.80**

Seasonal Tendencies 

Below is a look at historical seasonality’s (updated each Monday) VS today’s prices (black line).

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Futures trading involves substantial risk of loss and may not be suitable for all investors. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.

Blue Line Futures is a member of NFA and is subject to NFA’s regulatory oversight and examinations. However, you should be aware that the NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians or markets. Therefore, carefully consider whether such trading is suitable for you considering your financial condition.

With Cyber-attacks on the rise, attacking firms in the healthcare, financial, energy and other state and global sectors, Blue Line Futures wants you to be safe! Blue Line Futures will never contact you via a third party application. Blue Line Futures employees use only firm authorized email addresses and phone numbers. If you are contacted by any person and want to confirm identity please reach out to us at info@bluelinefutures.com or call us at 312- 278-0500

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