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Feeder Cattle (March)
March feeder cattle futures went out of 2024 with a bang, marking new contract highs. With the market in uncharted territory, finding the next significant resistance pocket becomes extremely difficult. Looking at the continuous chart, eyes gravitate to 264.95. The RSI is at 68.73, below what is considered to be overbought. We’ve seen it as high as 79.51 at the end of November. Previous resistance from 260.07-260.70 is now support an important inflection point the Bulls will want to defend. A close back below here could trigger some profit taking from Funds who are near record net long.
- Resistance: 261.95-262.75*
- Pivot: 260.075-260.70
- Support: 256.80-257.00, 254.00-254.225***
Seasonal Tendency Update
(updated 12.30.24)
Below is a look at historical price averages for January futures on a 5, 10, 15, 20, and 30 year time frames (Past performance is not necessarily indicative of future results).
Commitment of Traders Report
(Updated on 12.31.24)
Monday’s Commitment of Traders report showed Funds were net sellers of 263 contracts between December 17th and December 24th, shrinking their net long position to 20,315.
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Lean Hogs (February)Long liquidation was the theme in lean hogs in the last few days of the year with prices trading back to the lowest levels since October. Support from 80.90-81.20 were defended on a closing basis. A retest and failure of Tuesday’s lows could reaccelerate the selling pressure with the next downside objective coming in from 78.90-79.20.
Resistance: 83.97-84.30***, 86.50-87.00****
Pivot: 82.05-82.27
Support: 80.90-81.20***, 78.90-79.20****
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