Cattle Commentary: Cattle futures finished the day lower on the back of outside market volatility and global concerns. The stock markets finished WELL off the lows, but that does not necessarily mean it’s over, if stocks roll back over we would expect other markets to take a bit of a hit cattle included. April fat cattle finished the session .775 lower at 124.70, trading in a range of 1.325. March Feeders closed down .95 at 148.725, trading in a range of 2.125. Early bids this week are coming in at 124 with offers at 130, this compares to the bulk of last weeks cash trade at 126. Tomorrows Fed Cattle Exchange has 892 head listed. We have been relatively neutral on the cattle markets over the last two months, focusing on the meat of the range. We are starting to get a little more optimistic and would welcome a little more of a pull back as a potential buying opportunity.
April lean hog futures got taken to the woodshed today, finishing the session down 1.925 at 71.40, trading in a range of 2.225. In yesterdays report we mentioned we were looking for a retest towards the bottom end of the range which we outlined as 70.625-71.25 (today’s low was 70.60) the target is achieved which means bears should consider reducing if not flattening and bulls should start to consider buying. If the market can continue to hold this support pocket on a closing basis we would not be surprised to see the market consolidate back towards....Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.
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