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Live Cattle (February)
Live cattle futures were mixed with the February contract trading near unchanged, by the close. Volume has slowed down considerably with the holiday just around the corner, but that could change with some fundamental headlines coming down the pipeline. We’ve started to see some sales at 120 live and 190 dressed this week, including a pen of 268 head on today’s Fed Cattle Exchange. Attention is now turning to Friday’s Cattle on Feed report, the estimates are as follows:
On Feed: 101.2-102.9, average 101.9
Placements: 98.7-107.10, average 101.0
Marketings: 96.6-98.7, average 97.2
Boxed beef took another hit today with choice down 3.24 at 209.57, select down 1.90 at 201.57. With the market little changed today, many of the technicals remain intact. 126.925-127.15 is our pivot pocket going into tomorrow’s trade. If the bears can continue to defend this, we could see....Sign up for your FREE two-week trial!
Feeder Cattle (January)
January feeder cattle continued to retreat today, marking the third consecutive down day. To keep things in perspective, that has only amounted to giving back roughly half of Friday’s gains. Prices remain trapped within our support and resistance levels, wee see support coming in from 143.275-143.70, previously resistance. Our 4-star resistance pocket remains intact from....Sign up for your FREE two-week trial!
Lean Hogs (February)
February lean hogs finished the day near unchanged, in our pivot pocket, 69.325-70.05. The chart is starting to become friendlier, but the bulls need to see more of a technical confirmation. If the bulls can achieve consecutive closes above 70.05, we would expect to see another leg higher. First resistance comes in from 72.025-72.275, this pocket represents the 50 and 100 day moving average. If the bulls can chew through this pocket, we would expect to see a continuation towards....Sign up for your FREE two-week trial!
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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.