Livestock Futures Insights - Live Cattle, Feeder Cattle, Lean Hogs

Live Cattle bulls bulls look to capitalize on a seemingly never-ending rally
December lean hogs breakout above the top end of range as demand firming
Meats Market Update

Meats Market Update

Livestock Futures Commentary

Live Cattle (December)

December live cattle finished the day under moderate pressure as bulls looked to capitalize on a seemingly never-ending rally. The market has only seen one instance since September 9th where we have closed two consecutive lower closes. Resistance remains intact from 119.55-120.525, a breakout above here opens the door for a run at contract highs, 124.175. A light cash trade started at 115 in Nebraska to start the week, the upper end of last week’s trade.Please sign up for a Free Trial at Blue Line Futures to have our entire technical outlook, actionable bias and proprietary levels emailed to you each day. 

 

Feeder Cattle (January)

January feeder cattle gave back some ground today but managed to close off the lows. Technical resistance remains intact, we have had defined as 146.85-147.975. If the bulls fail to achieve consecutive closes above here, we could see a pullback towards 142.225-143.00. The RSI (relative strength index) is at 69.35, slightly lower than yesterday. Please sign up for a Free Trial at Blue Line Futures to have our entire technical outlook, actionable bias and proprietary levels emailed to you each day. 

 

Lean Hogs (December)

December lean hogs managed to breakout above the top end of the recent range on the back of demand firming up. The bulls need to see follow-through buying while defending support, previously resistance, 66.525-66.975. There are some technical hurdles in the near term, but this could be the start of a run at the 72.15-72.75, the top end of the range from September and October.

Resistance: 69.30-70-15***, 72.15-72.75****

Pivot: 66.525-66.975

Support: 63.075**, 61.00-61.525***

 

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