Meats

February live cattle rallied to round out Friday’s trade on weather concern and hopes that cash would surge after the close. Both of those premium builders came up short which helped erase those gains in yesterday’s session.
February live cattle rallied to round out Friday’s trade on weather concern and hopes that cash would surge after the close. Both of those premium builders came up short which helped erase those gains in yesterday’s session.
Thankfully for the cattle market, it doesn’t trade overnight, and participants have the ability to digest information like this as opposed to reacting on emotion.
Livestock markets retreated on Friday as a risk-off atmosphere evolved, following an increase in tensions between the US and Iran. Market participants had the weekend to digest the information and the market recovered those losses today, taking us right back to the December 27th highs
Live cattle futures were mixed with the February contract trading near unchanged, by the close. Volume has slowed down considerably with the holiday just around the corner, but that could change with some fundamental headlines coming down the pipeline.
A wave of positive trade headlines led to broad-based buying in the agricultural markets. Traders are looking for follow-through in the next few days.
If you are in December hog futures, you will want to roll by the end of the week, if you have not already. February lean hogs started the week on softer ground but managed to defend the bottom end of the recent range, 65.40-66.50.
February lean hog futures caught a big bid today, erasing all of yesterday’s losses. The market has seen three day stretch of volatility while remaining range-bound, perhaps we see will this setup for a breakout or a breakdown.
February lean hogs gave back Friday’s gains as prices retreated to their lowest level since August 7th, holding on to our technical support pocket which we had defined as 65.45-55.05.
February live cattle futures crashed lower on Friday, testing and holding support pocket from 123.125-123.40. Yesterday they erased all of Friday’s losses and at one point erased all of Thursday’s too, testing a resistance pocket from 125.775-126.30.