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Are live cattle futures destined for new contract highs?

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Live cattle futures broke out above resistance, are contract highs in the cards? 


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Live Cattle

Technicals (August-Q) August live cattle futures broke out above our resistance pocket from 184.55-185.55 which opened the door for an extension towards our next level, 187.50.  Consecutive closes above this level and the conversation of a retest of contract highs becomes more realistic.  The recent run higher has brought the RSI into overbought territory for the first time since February. 

Weekly Export Sales Snapshot: Net sales of 16,700 MT for 2024 were up 13 percent from the previous week and 17 percent from the prior 4-week average

  • Resistance: 184.45-185.55***, 187.50**
  • Pivot:  181.85-182.15
  • Support:  179.82-180.15***, 176.05-176.35***

Lean Hogs

Technicals (August – Q) Lean hogs continue to trade in wild fashion, which shouldn’t be terribly surprising if you’ve ever traded lean hogs. We’d like to think the market could see some relief but the Bulls want to see a close back above 92.00-92.42 to help spark what could be a more sustainable relief rally. Until then, buckle up and keep your hard hat on.

Weekly Export Sales Snapshot: Net sales of 39,200 MT for 2024 were up 83 percent from the previous week and 25 percent from the prior 4-week average.

  • Resistance: 95.20-95.75*, 97.78-98.67
  • Pivot: 92.00-92.42
  • Support: 86.00-86.67***

Feeder Cattle

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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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