Livestock Roundup

Live Cattle (April)

April live cattle managed to find it is footing yesterday, trading up into our 4-star resistance pocket, 119.40-119.90. A breakout above here could encourage momentum traders to jump on board, potentially taking us to retest the contract highs from last January, 124.50. Significant support remains intact from 117.25-117.675. We remain upbeat on live cattle futures and believe that fund participation could be the leading catalyst for higher prices. We are less optimistic on February futures as the shot clock continues to wind down. Cash trade was softer yes