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Cattle futures surged higher in Wednesday’s trade, more upside to come?

Livestock Round Up

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Cattle futures broke out above resistance which propelled prices back to the breakdown points from the beginning of August. Is there more upside to come?

Live Cattle (December)

December live cattle got shot out of a cannon yesterday, breakout out above the previous day’s high which extended the rally into our 3-star resistance pocket from 187.67-188.00. This pocket will be an important one to keep an eye on into the end of the week. With a full retracement of the August breakdown point complete and the RSI in overbought territory for the first time since January, we’d be looking at downside exposure in the short term. October live cattle go into delivery next week, perhaps that played a role in the swing higher. Non-Farm Payrolls and Unemployment data will be out tomorrow morning, that could have an impact on outside markets and spill into money flow in commodities.

Weekly Export Sales

Beef: Net sales of 22,500 MT for 2024 were up noticeably from the previous week and up 68 percent from the prior 4-week average.

  • Resistance: 187.675-188.00***
  • Pivot: 184.225-184.55
  • Support: 181.325-182.07, 179.10-179.97


Seasonal Tendency Update
Live cattle futures were able to buck the seasonal trend of weaker prices in the back half of September, will that strength continue into a seasonally strong time of year? TBD. Economic data and an election could add some turbulence to the market in the coming months.

*Past performance is not necessarily indicative of future results

Lean Hogs (December)
December lean hog futures continued to surge higher yesterday with prices breakout out and closing above our resistance pocket from 75.25-76.00, this will now act as support on a closing basis. The RSI as breached 70 which means we are officially in overbought territory for the first time since April.

Weekly Export Sales

Pork: Net sales of 43,400 MT for 2024 were up 55 percent from the previous week and 61 percent from the prior 4-week average.

  • Resistance: 77.72, 78.70-78.97*
  • Pivot: 75.25-76.00
  • Support: 73.85-74.07, 72.00-72.85*

Seasonal Tendency Update
Below is a look at price averages for December lean hogs over 5, 10, 15, 20, and 30 year time frames.

*Past performance is not necessarily indicative off

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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

Performance Disclaimer

Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program.

One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points that can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program that cannot be fully accounted for in the preparation of hypothetical performance results all of which can adversely affect actual trading results.

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Seasonal Disclaimer

This message and its content is intended only for the person or entity to which it is addressed and should not be shared with additional parties. Seasonal tendencies are a composite of some of the most consistent commodity futures seasonals that have occurred in the past several years. There are usually underlying, fundamental circumstances that occur annually that tend to cause the futures markets to react in similar directional manner during a certain calendar year even if a seasonal tendency occurs in the futures, it may not result in a profitable transaction as fees and the timing of the entry and liquidation may impact on the results. No representation is being made that any account has in the past, or will in the futures, achieve profits using these recommendations. No representation is being made that price patterns will recur in the future.

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