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Livestock Futures Struggle

Livestock Round Up

/ by BlueLineFutures | Leave a comment

Cattle futures struggled in yesterday’s trade amidst more headlines concerning the bird flu. Are lean hogs running out of gas against the old highs?

2-Minute Drill

Soybeans and lean hogs were on our radar yesterday. Here’s a look at a few things that caught our eye.

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Live Cattle

Technicals (June-M)

LEM2024_2024-04-25_07-50-27

June live cattle futures tried to gain ground yesterday but failed and took out the previous day’s low, which doesn’t bode well for the technical landscape. Headlines that remnants of bird flu were found in pasteurized milk was a remind that there is headline risk still lingering, that being concerns that it crosses into beef. That will likely keep would be aggressive buyers at bay here in the near term. Our pivot pocket comes in from 172.90-173.425. If that fails, we could see a retest of the 169.00-170.00 area.

In other news:

Weekly export sales showed net sales of 15,200 MT for 2024 were down 14 percent from the previous week and 3 percent from the prior 4-week average.

Softer than expected first quarter GDP in this morning’s economic data, coming in at 1.6% VS the average estimate of 2.5%.

Resistance: 178.45-178.80*, 179.825-180.75

Pivot: 172.90-173.425

Support: 169.00-170.00***

Feeder Cattle

Technicals (May- K)

GFK2024_2024-04-25_07-55-54


May feeders failed to take out the previous day’s high and retreated to fill the gap from Monday morning. If the Bulls fail to regain ground above our pivot pocket from 244.85-245.42 we would expect to see additional selling pressure press prices back towards the low end of the range, which would be sub-240. A breakout and close above this week’s high, 246.65-246.975 would neutralize that bias.

Resistance: 246.65-246.975, 250.675-251.30

Pivot: 244.85-245.4250

Support: 243.175, 238.90-240.275*

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Futures trading involves a substantial risk of loss and may not be suitable for all investors. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.

Blue Line Futures is a member of NFA and is subject to NFA’s regulatory oversight and examinations. However, you should be aware that the NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians, or markets. Therefore, carefully consider whether such trading is suitable for you considering your financial condition.

With Cyber-attacks on the rise, attacking firms in the healthcare, financial, energy, and other state and global sectors, Blue Line Futures wants you to be safe! Blue Line Futures will never contact you via a third-party application. Blue Line Futures employees use only firm-authorized email addresses and phone numbers. If you are contacted by any person and want to confirm your identity please reach out to us at info@bluelinefutures.com or call us at 312- 278-0500

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