• Oliver Sloup

Livestock Roundup

Watch us on RFD-TV, today at 9:45 AM CT! Live Cattle (June)

June live cattle managed to defend technical support last Monday, which helped propel prices towards the upper end of the range. Cash started to firm (finally) which has renewed some of the optimism that dissipated following 7 weeks of stagnant sales. The Bulls want to continue to see cash firm to encourage additional money flow into futures. Resistance comes in from 122.40-123.00. A breakout above here puts us in uncharted territory, making the task of finding the next technical resistance pocket difficult. Friday’s commitments of traders report showed funds are holding a net long position of roughly 75k through March 23rd, down nearly 3,500 from the previous week.........Click this link to read the FULL report and receive our daily commentary

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Support: Feeder Cattle (May) Feeder cattle retraced the breakdown point from March 18th, after holding trendline support last week. Prices are now back towards the upper end of the range and could be threatening a bigger move higher. Previous resistance now becomes support, we see that as 147.25-147.975. Resistance comes in at 151.275, above that and we are in uncharted territory.........Click this link to read the FULL report and receive our daily commentary

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Support: Lean Hogs (June) June lean hogs gaped higher on Friday, following a friendly hogs and pigs report. The move higher puts us back in “overbought” territory, but as mentioned several times over the last 4 months, that is not enough of a reason to blindly short this market. You will not be a hero if you pick the top, so it is not necessary to try. Friday’s commitment of traders report showed funds are net long roughly 74k contracts. This is one of the more aggressive positions they’ve had for lean hogs.........Click this link to read the FULL report and receive our daily commentary

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