• Oliver Sloup

Livestock Roundup

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Live Cattle (December)


December live cattle made new highs for the move but closed near unchanged. Cash cattle started to pick up with reports of 102 in Texas and 103.00-104.00 in KS. This is a notch higher than last week, but we see it as a disappointment when considering the price action in futures over the last three sessions. From a technical perspective, the market is on the edge of breaking out. Our pivot pocket was tested but held on a closing basis, we have defined that as 111.00-111.875. A conviction close above this pocket could encourage a retest of the August 31st highs, 114.025. With that said, we are not sure the fundamentals are there to warrant another leg higher, so we are cautiously leaning on the sell-side. First support comes in from...Please sign up for a Free Trial at Blue Line Futures to have our entire technical outlook, actionable bias, and proprietary levels emailed each morning.

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This morning’s weekly export sales report showed net sales of 14,300 MT reported for 2020 were down 8 percent from the previous week and 2 percent from the prior 4-week average.




Feeder Cattle (November)


November feeder cattle chopped around in yesterday’s session as market participants lack conviction on either side. For us, we are trying to be more patient in working with clients on the sell side, with all eyes on the gap from August 24th, 144.975-145.675. First support comes in from...Please sign up for a Free Trial at Blue Line Futures to have our entire technical outlook, actionable bias, and proprietary levels emailed each morning.

Bias:

Previous Session Bias:


Resistance:

Support:

Lean Hogs (December)


December lean hogs continued their retreat yesterday and participants are eyeing the gap from September 9th/10th, 59.775-60.55. We would not be surprised to see the market...Please sign up for a Free Trial at Blue Line Futures to have our entire technical outlook, actionable bias, and proprietary levels emailed each morning.


This morning’s weekly export sales report showed net sales of 50,600 MT reported for 2020 were up 68 percent from the previous week and 41 percent from the prior 4-week average.

Bias:

Previous Session Bias:


Resistance:

Support:


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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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