Livestock Futures Gain Ground Despite Uncertainty

Research Posts Livestock Round Up

/ by nawadblueline | Leave a comment

Cattle futures rallied back to some significant resistance levels as we head into the weekend.

Live Cattle

Technicals (December – Z)

Weekly Export Sales Snapshot: Net sales of 9,000 MT for 2023 were down 32 percent from the previous week and 29 percent from the prior 4-week average. 

December live cattle surged higher yesterday, retesting an important price pocket that has acted as an inflection point since the summer months. If the Bulls can keep the momentum from yesterday going, it could spur a move back north of 190.  With that said, we wouldn’t be terribly surprised to see resistance hold and the market consolidate. 

Resistance: 190.17***

Pivot:  187.25-188.00

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). 

*Past performance is not necessarily indicative of futures results.

Feeder Cattle

Technicals (November – X)

November feeder cattle futures were able to chew through the upper end of the recent range which propelled prices back near the breakdown point from October 3rd. Corn is well off the lows over the last 24 hours too, it’ll be interesting to see if that acts as a headwind for Feeders or not.  It seems to be wishy washy on days of correlation, recently. 

Resistance: 255.50-256.32****, 257.47-258.45***

Pivot: 251.77-252.32

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).

*Past performance is not necessarily indicative of futures results. 

Lean Hogs

Technicals (December – Z)

Weekly Export Sales Snapshot:  Net sales of 21,100 MT for 2023 were down 51 percent from the previous week and 32 percent from the prior 4-week average.

December lean hogs were sharply lower yesterday but managed to recover to finish the day in positive territory.  Volatility is likely to continue in the near term as the market attempts to find it’s footing.  The Bulls want to see a close back above our pivot pocket from 70.775-70.90 to encourage another retest of the 50 and 100 day moving averages which come in near 74.

Resistance: 74.00-74.500***, 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).

*Past performance is not necessarily indicative of futures results. 

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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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