Live Cattle (August) August live cattle finished down 3.15 for the week as the cash trade continued to retreat, keep in mind that futures are still at a steep discount. Friday’s Commitment of Traders report showed funds added 1,305 contracts to their net position, bringing it to 15,681 contracts. Technical support remains intact to start the week, we have defined that as 96.10-95.45, the Bulls MUST defend this pocket on a closing basis. A break and close below could take us back near the 90.00 handle.
....Contact us for the FULL report! Feeder Cattle (August) August feeder cattle have been trading sideways for the better part of the last two weeks, coiling up on the chart, bringing us closer to an inflection point where we could see a bigger directional move, a breakout, or a breakdown. As to who has the advantage right here, right now? It is a coin flip as we sit in no-mans land, but we expect to get some technical clarity this week.
Lean Hogs (July) July lean hogs continued to bleed lower last week as technical support continued to give way. Previous support now becomes resistance, we see that as 54.775-55.35. The Bears remain in control until we see consecutive closes back above that pocket. Friday’s Commitment of Traders report showed funds sold 3,666 contracts, shrinking their net long position down to 6,617 contracts.
Resistance: Pivot: Support:
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Oliver@BlueLineFutures.com and 312-837-3938
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