Are Cattle Gearing Up For a Breakout?
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Live Cattle
Technicals (February – G)
February live cattle futures continued to stall out against technical resistance which keeps the theses of a rangebound trade intact for today’s trade. With the consolidation, support and resistance levels remain intact. Net sales of beef for 2024 marketing year, which began January 1st, totaled 12,200 MT
Resistance: 172.40-172.65***, 174.75-175.25***
Pivot: 168.00-168.50
Support: 166.25**, 162.25-162.60***
Seasonal Tendencies
Below is a look at historical seasonality’s (updated each Monday) VS today’s prices (black line).
*Past performance is not necessarily indicative of futures results.
Commitment of Traders Snapshot
(updated on Mondays)
Fund positioning in live cattle was relatively flat last week with funds still hovering near a net long position of 17k contracts.
Feeder Cattle
Technicals (March – H)
March feeder cattle futures were able to hold trendline support yesterday and are knocking on the door of a potential breakout. If the market can chew through resistance from 226.85-227.925 we could see another leg higher with technical targets coming in north of 230.
Resistance: 226.85-227.925***, 230.00**, 232.20-233.50***
Pivot: 223.00-224.52
Support: 221.10-222.72***, 216.40-218.00***
Seasonal Tendencies
Below is a look at historical seasonality’s (updated each Monday) VS today’s prices (black line).
*Past performance is not necessarily indicative of futures results.
Commitment of Traders Snapshot
(updated on Mondays)
Friday’s Commitment of Traders report showed funds were net buyers of about 200 contracts, narrowly shrinking their net short position to 2,526.
Lean Hogs
Technicals (February – G)
February lean hog futures posted their fifth consecutive day of gains with yesterday’s highest close since November 21st. If the Bulls can chew through and close above resistance from 72.00-72.50 we could see the rally keep on rolling. Net sales of pork for 2024 marketing year, which began January 1st, totaled 23,300 MT.
Resistance: 72.00-72.50***
Pivot: 67.15-67.80
Support: 65.80-66.00**, 64.00-64.50**
Seasonal Tendencies
Below is a look at historical seasonality’s (updated each Monday) VS today’s prices (black line).
*Past performance is not necessarily indicative of futures results.
Commitment of Traders Snapshot
(updated on Mondays)
Below is a snapshot of the most recent Commitment of Traders report which showed Managed Money (Funds) holding a net short position to the tune of roughly 17k contracts.
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