Feeder Cattle
January feeder cattle futures traded within the previous day’s range which keeps support and resistance levels intact for today’s trade. We continue to lean on the “sell rallies” bias. A break and close above resistance would neutralize that bias. Significant support has held will over the last week from 239.62-240.15. A break and close below there could trigger additional technical pressure.
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.
Commitment of Traders Report
Friday’s Commitment of Traders report showed Funds were net sellers of about 500 contracts, which snapped the 6 week buying streak. Funds are net long about 7.7k contracts.
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