Live Cattle
Weekly Export Sales for Beef: Net sales of 8,900 MT for 2023 were down 35 percent from the previous week and 27 percent from the prior 4-week average.
Technicals (February – G)
Despite the suspect reversal off the highs on Tuesday, live cattle futures were able to trade back to those highs in yesterday’s session. Our pivot pocket remains intact from 180.325-181.00 which could potentially mute the recovery rally ahead of tomorrow’s Cattle on Feed report. If the Bulls can chew through that barrier, we could potentially see a continuation towards 182.00-182.50.
Resistance: 182.00-182.50**, 184.625 -185.00**, 186.275**
Pivot: 180.325-181.00
Support: 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)
The recovery rally in feeder cattle continued in yesterday’s trade, inching closer to a full recovery of last Thursday’s breakdown point. Resistance comes in from 233.37-234.95 for today’s trade.
Resistance: 233.37-234.95***, 242.32-243.05*** 246.42
Pivot: 229.00-229.50
Support: 227.425**, 223.625**
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)
Lean hogs traded lower in yesterday’s trade, approaching our pivot pocket from 70.00-70.25 which will be watched closely in today’s trade as support. A failure to defend this pocket could accelerate the selling pressure with the next support pocket not coming in until the mid-67’s.
Resistance: 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.
