Livestock Roundup

Live Cattle (April)

April live cattle couldn’t get an ounce of follow through at and above our technical resistance pocket from 121.225-121.80, sparking a round of long liquidation and position squaring ahead of today’s Cattle on Feed report. Expectations are as follows: On Feed 102.4%, Placements 101.5%, Marketings 100.7%. Our first technical support pocket was tested and held, that remains intact from 118.675-119.05. If the bulls cannot defend this pocket, we could see a break lower, taking us back to the recent lows and potentially lower.

Bottom Line: We’ve been writing about selling rallies for the last week, unfortunately we didn’t get to some targets (yet) we had set to get more aggressive on the sell side. That pocket that we would get more aggressive at comes in from 123.075-124.30.

Resistance: 121.225-121.80***, 123.075-124.30****

Pivot: 119.825-120.05

Support: 118.675-119.05***, 115.925-116.70****

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Feeder Cattle March

March feeder cattle broke lower but held first support at 139.45 and rebounded into the afternoon, putting prices within a stones throw of our 4-star resistance pocket. We have resistance defined as 141.75-142.625, this pocket represents the 50 and 100 day moving average, a key retracement, and the breakdown point from January 23rd.

Bottom Line: We are still looking at 4-star resistance as a spot to be more aggressive on re-entering short/hedge positions for clients. If the bear camp is unable to defend the upper end of that pocket, we would neutralize our bias.

Resistance: 141.75-142.625****, 147.75***

Pivot: 138.775-139.45

Support: 138.775-139.45**, 136.725-136.90***, 133.25-134.20****

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Lean Hogs (April)

April lean hog futures traded in a narrow range, after being rather choppy over the previous two sessions. If the bulls can maintain this week’s strength, we could see a run back towards 70-72. Previous resistance now becomes a pivot pocket that the bulls need to defend, 66.50-66.85.

Bottom Line: As mentioned in yesterday’s report: “We still think we could see prices repair the damage that was done at the end of January and beginning of February, but we would not be looking for much more than that”.

Resistance: 67.95-68.675***, 72.00-73.075****

Pivot: 66.50-66.85

Support: 65.675**, 63.15-63.60***, 61.00****

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Call/Text/Email Oliver with any questions!


Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.

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