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Cattle Future Get Hit Hard Midday

Livestock Round Up

/ by BlueLineFutures | Leave a comment

Cattle futures were relatively quiet in the early morning trade then rolled over hard midday, sending prices sharply lower and down to significant support levels. Will they hold?

Live Cattle

Technicals (August-Q) August live cattle futures have struggled to start this week’s trade, trading as much as 7.425 off of Friday’s high to today’s low. Despite cash remaining steady to firm in most places and well above the futures market, futures continue to struggle to hold a bid. This is a bit of a caution flag in our eyes, especially as we look at the deferred contracts closer to the end of the year and into next year. Lingering concern over headline risk regarding bird flu and a slowing economy has likely kept Funds uninterested in participating in a large way like we saw last year. Seeing what has taken place in other agricultural markets over the last two months like grains and lean hogs raises another caution flag. Not that cattle have to or will do the same, but the potential is there, and things can change quickly. We’ve been looking at various strategies all the way out to April of 2025 for some clients looking to establish downside protection. There are many ways to do this, either via futures, options, or a combination. Feel free to reach out to our trade desk to devise a strategy for you and your needs/parameters.

  • Resistance: 187.575, 189.00
  • Pivot: 184.45-185.55
  • Support: 181.85-182.15, 179.65-180.375

Feeder Cattle

Technicals (August – Q) August feeder cattle futures were relatively quiet this morning but then got the rug pulled out from underneath them around 11am CT, with futures dropping from 260 to 254.775 in the matter of just a couple of minutes. That swift move lower has taken prices down to trendline support which has been tested and held multiple times. Whether or not it holds this time around is TBD. We feel there’s been good reason for the market to rally or at least hold ground and the fact that it continues to fail leaves us thinking there could be more downside.

  • Resistance: 261.55-261.80, 264.75-265.75
  • Pivot: 257.57-258.50
  • Support: 253.57-254.35*, 250.80-251.125

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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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