Cattle futures rally sharply in yesterday giving us expanded limits for live cattle and feeder cattle futures in today’s session. Is the bottom finally in?

Live Cattle
Technicals (February – G)
February live cattle futures finally got the price action that Bulls have been looking for, a gap and go morning with some conviction all the way into the close (hopefully we don’t jinx that). The Bulls need to see some follow-through in today’s trade and ideally a close out above 174.75-175.25.
Resistance: 178.72-179.02**, 180.325-181.00***
Pivot: 174.75-175.25
Support: 168.00**, 166.25**

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 finished yesterday’s trade locked limit higher which has gifted us expanded limits of 12.25 for today’s session. So theoretically we could trade in a 24.50 range today (key word: theoretically). 223.00-224.52 is the hurdle the Bulls want to clear to encourage a bigger and more meaningful relief rally towards 230.
Resistance: 232.20-233.50***
Pivot: 223.00-224.52
Support: 216.40-218.00***, 210.00-210.50**

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 hog futures were able to join the rally party yesterday, albeit on a much smaller scale. We wouldn’t be surprised to see some follow-through in the early morning trade but 70.00-70.25 may prove to be too tall of an order on the first test.
Resistance: 74.00-74.500***
Pivot: 70.00-70.25
Support: 67.15-67.80***, 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.

Oliver Sloup, VP & Co-Founder, Blue Line Futures