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Daily Livestock Roundup & Tech Talk (Video Link)


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Live Cattle (December)

December live cattle used the strength and resilience from Wednesdays session to stage a technical breakout today. For the day, December fats were up 3.30; remember that the new daily limits are 4.00 for fats and 5.00 for feeders. Our pivot pocket from 104.95-105.775 gave way and the buying accelerated, taking us towards our next resistance level, 109.675-110.30. This pocket represents a key retracement along with previously important price points, most notably and recently, the breakdown point from two weeks ago. We heard some cash at 106 in Texas today, on par with what we have seen, but we also started hearing rumors that it was going to take more to get the packers needs fulfilled. Some of the price action may also be attributed to the end of month position squaring ahead of the election. We expect to see volatility carry into tomorrows session.


Resistance: 109.675-110.30****, 114.025****

Pivot: 108

Support: 104.95-105.775***, 100.70-101.875****


Feeder Cattle (January)

January feeder cattle continued their surge higher today, marking the fourth consecutive higher close. Prices are right back at the 50% retracement, 130.685, and to the breakdown point from October 16th, 131.80. This pocket, 130.685-131.80 will be a major inflection point. The Bulls need to achieve consecutive closes above this pocket to negate the three-month trend of lower highs and lower lows.


Resistance: 130.70-130.875****

Pivot: 125.60-126.75

Support: 120.30-122.70****, 114.00**


Lean Hogs (December)

December lean hogs dropped into support pocket, 64.50-65.00, and tripped stops down to 64.20. In the last several reports, we have mentioned wanting to be ready, willing, and able buyers at this pocket. The market finished in negative territory but had an impressive reversal into the afternoon, closing well off the lows. We see this as constructive and believe we could fill the gap from earlier in the week, 67.325-67.625.


Resistance: 69.75-70.25***, 73.45**

Pivot: 67.325-67.625

Support: 64.50-65.00***


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Oliver Sloup is Vice President of Blue Line Futures, a leading futures and commodities brokerage firm located at the Chicago Board of Trade. Blue Line Futures mission is to put the customer first, and that means bringing YOU the best customer service, consistent and reliable research and state of the art technology.  Oliver has been a guest on CNBC and Bloomberg, among others.  Oliver has over a decade of trading experience. Prior to Blue Line Futures, Oliver worked as the Director of Managed Futures at iiTRADER.

 

 

Contributing author since 10/6/17 

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