With the Cattle on Feed report behind us, will cattle be able to resume their recovery rally, or will profit taking ensue?

Live Cattle
Technicals (April- J)
April live cattle futures were able to breakout last Thursday but failed to find much follow-through on Friday’s trade. The recent rally has taken prices back to the breakdown point from the November 24th breakdown point, which seemed fitting ahead of the Cattle on Feed report. That report showed cattle on feed at 102%, placements at 96%, and marketings at 99%. These were all within the range of expectations.
Resistance: 175.70-176.40***
Pivot: 173.50-174.00
Support: 172.27**, 170.50-171.00***

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)
Friday’s Commitment of Traders report showed Managed Money positioning was little changed from the previous week, holding a net long position of 13,410 futures/options contracts.

Feeder Cattle
Technicals (March – H)
March feeder cattle surged higher for the first four days of last week’s trade but stalled out on Friday as some traders may have been looking to square things up ahead of the cattle on feed report. The next resistance pocket comes in from 234.52-235.70. On the support side, 226.85-227.925 is the pocket to keep an eye on.
Resistance: 234.52-235.70***
Pivot: 230.00
Support: 226.85-227.925***, 223.00-224.52**

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)
Friday’s Commitment of Traders report showed funds were net buyers for the third consecutive week, bringing them closer to positive territory. They are now net short just 1,737 futures and options contracts.

Lean Hogs
Technicals (April- J)
April lean hogs are bumping their head up against trendline reistance which is derived from the June highs. We wouldn’t be surprised to see resistance pocket hold firm tot start the week. On the support side of things, the line in the sand comes in from 76.725-77.00. A failure there could accelerate the selling pressure.
Resistance: 79.425-80.00***, 81.50**
Pivot: 78.82-79.00
Support: 76.725-77.00***, 73.50-74.30****

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)
Friday’s Commitment of Traders report showed Managed Money trimmed their net short position to just 2,099 futures/options contracts.

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