Daily Livestock Commentary (12.9.19)

Published on: 15:50PM Dec 09, 2019
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Live Cattle (February)

Live cattle traded on both sides of unchanged today, finishing the session in the middle of the range from the last month, 125ish. The February contract has closed between 123.85-126.00 for 24 of the last 26 sessions. The current trend has been sideways and boring, but we are still leaning on the short side. If the bears can defend 126, we could see a bearish head and shoulders formation forming. Cash cattle was steady to firm last week coming in from 118-120. If cash stalls and/or retreats, this could sprain (not break) the chart....Sign up for your FREE two-week trial!

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Feeder Cattle (January)

January feeder cattle finished today’s session in positive territory but failed to change the bearish technical landscape. A bearish head and shoulders pattern remains intact until the bulls can achieve consecutive closes above 143.275-143.70. There is minor support from 139.625-139.90, but the more significant support pocket comes in from 138.15-138.85. Below this pocket, there’s a lot of air, with the next meaningful support coming in closer to....Sign up for your FREE two-week trial!

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Lean Hogs (February)

If you are in December hog futures, you will want to roll by the end of the week, if you have not already. February lean hogs started the week on softer ground but managed to defend the bottom end of the recent range, 65.40-66.50. If this gives way, we would expect to see a leg lower and potential retest to the August lows, 63.675. The bulls need to see a move out above technical resistance to encourage new buying activity, that comes in from....Sign up for your FREE two-week trial!

Feel free to contact Oliver with any questions or comments

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Futures trading involves substantial risk of loss and may not be suitable for all investors. 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.

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