Livestock Roundup

Live Cattle (April)

April live cattle made new contract highs yesterday and finished the session at new closing highs. As mentioned in yesterday’s report, prices at contract highs puts us in “uncharted territory” which makes the task of finding the next resistance levels more like a game of “pin the tail on the donkey”. We have seen the momentum trades take hold in a lot of commodities over the last several months and that has shifted into the livestock sector, something we have been very vocal about for the last two months. We think the market needs to catch its breath and welcome a healthy consolidation phase or correction, don’t confuse that with being bearish or trying to fade the momentum trade.........Click this link to read the FULL report and receive our daily commentary

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Support: Feeder Cattle (March)

March feeder cattle continued to grind higher yesterday after trading in a $2.225 range. Friday’s breakout above the top end of the recent resistance keeps the Bulls in control in the near term. The Bulls need to defend 139.175-140.25 to keep the ball in their court. If they can achieve that, we could see an extension back towards 144.85-145.25.........Click this link to read the FULL report and receive our daily commentary

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Support: Lean Hogs (April)

April lean hogs achieved new closing highs and are just a stone’s throw away from contract highs. As mentioned in the cattle section, we have been openly optimistic on the livestock sector over the last few months but are welcoming a consolidation phase or healthy correction. Do not confuse that with being bearish or trying to fade the momentum trade.........Click this link to read the FULL report and receive our daily commentary

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