Cattle and hogs consolidate as the market continues its effort to carve out a short-term low. Keep in mind that today is the last trading day of the month.

Live Cattle
Technicals (February – G)
February live cattle are struggling near our pivot pocket, which isn’t all surprising and frankly probably healthy for the market. If the Bulls can chew through this pocket we may see a reacceleration of buying. Keep in mind that today is the last trading day of the month which may play a roll in price action.
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)
Like live cattle, feeder cattle futures are struggling against a previous breakdown point, which isn’t uncommon at all. That pivot pocket intact from 223.00-224.52. If the Bulls can clear this hurdle with some conviction, we could see the relief rally continue and likely see the volatility come out of the market (knock on wood).
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 hogs posted an inside day yesterday, trading within the previous day’s range, keeping support and resistance levels intact for today’s trade. The pivot pocket that the Bulls want to get out above comes in from 70.00-70.25. If they can achieve that it could propel prices back towards 74.00-74.50.
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