• Oliver Sloup

Livestock Roundup

Live Cattle (December)

December live cattle got taken to the woodshed yesterday, testing the new limits set by the CME, 4.00. The sell-off in futures triggered a drop in cash, with reports of 106 in Texas, we are crossing our fingers that this is the low for the week, but today’s price action will likely be the determining factor in that. The breakout point from July 2nd coupled with the 50% retracement from the contract highs to contract lows, will act as our significant pivot pocket for the remainder of the week. The Bulls MUST defend this pocket.....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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Support: Feeder Cattle (January)

CME increased their daily trading limits about two weeks ago and we saw those tested yesterday with futures as much as 5.00 lower. The RSI is at 17.80, the lowest level since March. The violent sell-off will likely lead to a whip-saw trade here through the remainder of the week. There’s not much significant support on the chart, but we will be looking for.....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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Support: Lean Hogs (December)

December lean hogs came within a stone’s throw from the contract highs of July 2019, 73.45. We have been optimistic about prices for the better part of the last 2+ months, but the increase in price diminishes the opportunity left. Warren Buffet said it best, “price is what you pay, value is what you get”.....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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Previous Session Bias:


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