Feeder Cattle (January)
January feeder cattle futures were lower on Friday but were able to defend support from 239.62-240.15, that pocket remains intact for today’s trade. A failure to defend that could spur additional technical selling down to 237.50-237.95.
Resistance: 246.82-247.60, 249.85-250.80*
Pivot: 243.00-243.95
Support: 239.62-240.15, 237.50-237.95*
Seasonal Tendency Update
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). Looking at this chart, it looks like November can be a pretty choppy and indecisive month for price trends.
CHART: Funds Remain Aggressively Long Livestock Markets - Blue Line Futures
Commitment of Traders Report
Friday’s Commitment of Traders report showed Funds were net buyers of about 2.4k contracts, which puts Funds net long 10,130 contracts, the largest net long since topping out in March.
CHART: Funds Remain Aggressively Long Livestock Markets - Blue Line Futures
Lean Hogs (February)
February lean hogs were choppy on Friday, trading within support and resistance. A break and close below 83.97-84.30 is what the Bears are rooting for, that could lead to a wave of long liquidation with the next significant support pocket coming in from 80.90-81.20.
Resistance: 86.225**
Pivot: 83.97-84.30
Support: 82.05-82.27, 80.90-81.20*
Commitment of Traders
Friday’s Commitment of Traders report showed funds were net buyers of about 14k contracts. This puts Funds net long 121,069 contracts, a new record long.
CHART: Funds Remain Aggressively Long Livestock Markets - Blue Line Futures
Seasonal Tendency Update
Below is a look at historical price averages for February futures on a 5, 10, 15, 20, and 30 year time frames (Past performance is not necessarily indicative of future results).
CHART: Funds Remain Aggressively Long Livestock Markets - Blue Line Futures
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