Will Good Export Sales Data Help Cattle Bottom?

Research Posts Livestock Round Up

/ by nawadblueline | Leave a comment

Good export sales this morning were a bright spot for the cattle Bulls who have seen dismal numbers in recent weeks. Will that encourage buyers to come back into the market?

Live Cattle

Technicals (December – Z)

December live cattle futures were a little less choppy yesterday as the market continued to digest the volatility from Monday.  We remain upbeat on prices from these levels so long as the Bulls can continue to defend 175.85-176.55.  This morning’s weekly export sales report showed net sales of beef at 17,400 MT for 2023 were up noticeably from the previous week and up 72 percent from the prior 4-week average. 

Resistance: 182.00-182.50***

Pivot:  180.35

Support: 175.85-176.55***, 172.80-172.90**

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 (January – F)

January feeder cattle futures were able to find their footing in yesterday’s trade.  Though the market was higher, it did little to bring the RSI out of what is considered by technicians to be oversold territory.  Support remains intact from 233.37-234.95.  If the Bulls can defend this pocket we would look for a reversion trade higher.

Resistance: 242.32-243.05***, 246.42

Pivot: 239-240

Support: 233.37-234.95***, 229.00-229.50**

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)

December lean hogs were higher yesterday, closing right in the middle of our pivot pocket, 67.32-67.80.  If the Bulls can chew through this pocket, we could see an extension higher with the next meaningful resistance pocket coming in just north of 70.00. This morning’s weekly export sales report showed net sales of pork at 28,200 MT for 2023 were down 8 percent from the previous week and from the prior 4-week average.

Resistance: 70.775-70.90**, 74.00-74.500***

Pivot: 67.32-67.80 

Support: 65.40-65.67**

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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Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program.

One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results.

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