Cattle futures prices continue to linger near technical resistance. Is the market gearing up for a breakout move as the cash market continues to firm?
Live Cattle
Technicals (February – G)
February live cattle were able to consolidate in yesterday’s trade after bumping into resistance in the previous session. The hurdle from 172.40-172.65 remains intact. If the Bulls can chew through this pocket, it could open the door for an extension towards 174.75-175.25. Yesterday’s 5-area average was reported at 175.00, better than what we’ve seen in recent weeks. Daily slaughter was reported at 128k head, also better than what we’ve seen in recent reports.
Resistance: 172.40-172.65***, 174.75-175.25***
Pivot: 168.00-168.50
Support: 166.25**, 162.25-162.60***
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.
Commitment of Traders Snapshot
(updated on Mondays)
Below is a snapshot of the most recent Commitment of Traders report which showed Managed Money (Funds) holding a net long position to the tune of roughly 17k contracts, one of the smallest net long positions they’ve had since the summer of 2022.
Feeder Cattle
Technicals (March – H)
March feeder cattle futures continued to linger near our resistance pocket in yesterday’s trade, that remains intact from 226.85-227.925. If the Bulls can clear that hurdle, we could see the market make a move back above the November 24th breakdown point which comes in near and above 230. The Bulls will want to continue defending our pivot pocket from 223.00-224.52 to prevent a retest of the low end of the recent range, 221.10-222.72.
Resistance: 226.85-227.925***, 230.00**, 232.20-233.50***
Pivot: 223.00-224.52
Support: 221.10-222.72***, 216.40-218.00***
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.
Commitment of Traders Snapshot
(updated on Mondays)
Below is a snapshot of the most recent Commitment of Traders report which showed Managed Money (Funds) holding a net short position to the tune of roughly 3k contracts, one of the largest net short positions they’ve had since the last January.
Lean Hogs
Technicals (February – G)
February lean hogs continued to probe for a short-term low in yesterday’s trade as the market made new lows but were able to finish the day back near unchanged. The Bulls want to see a close back above 65.80-66.00 to spur a retracement of Monday’s breakdown point which comes in near 67.50.
Resistance: 67.15-67.80***,72.00-72.50***
Pivot: 65.80-66.00
Support: 64.00-64.50**
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.
Commitment of Traders Snapshot
(updated on Mondays)
Below is a snapshot of the most recent Commitment of Traders report which showed Managed Money (Funds) holding a net short position to the tune of roughly 6k contracts, a relatively neutral stance when comparing it to the last 9 months.
