Cattle get hit hard to start the week. Is this a buying opportunity or are we going to revisit the recent lows?
Live Cattle
Technicals (December – Z)
December live cattle futures Got hit hard yesterday on what was largely on the back of missed expectations of cash trade late last week. The pullback took prices back to the 50% retracement of the recent move. If you had sold the gap or reduced long exposure there, this may be a decent opportunity to look back at the long side.
Resistance:184.625 -185.00**, 186.275**
Pivot: 182.00-182.50
Support: 180.325-181.00***, 175.85-176.55***
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)
Feeder cattle futures got hit hard in yesterday’s trade on what was a continuation from Friday’s pullback after failing at the gap from October 23rd. That has taken price back near the low end of the range with support coming in from 233.37-234.95.
Resistance: 242.32-243.05***, 244.65**, 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)
It was a relatively quiet session in lean hog land yesterday with the market posting an inside day (trading within the previous day’s range). As mentioned in yesterday’s report, we expect the choppiness to continue which could present some good shorter-term opportunities on both sides of the market.
Resistance: 71.92-72.10***, 74.00-74.500***
Pivot: 70.00-70.25
Support: 67.32-67.80***, 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.
