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Can Livestock Futures Stabilize?Watch us on RFD-TV, today at 9:45am CT!Live CattleTechnicals (June-M) It was a risk-off day into the weekend for many markets, and live cattle were not immune. The “worst case scenario” was avoided over the weekend and many markets are showing signs of relief, perhaps that can be the same for cattle to start the week too. Support remains intact from 169.00-170.00. This is a MUST HOLD pocket. A break and close below here could trigger another wave of long liquidation. On the resistance side of things, the Bulls want to get back out above 172.90-173.425 to spur a bigger relief rally. Friday’s 5-area average price for live steers was reported at 183.93, softer than recent weeks but still pretty darn good considering the pressure in the futures market. Resistance: 175.70-176.40, 177.72-178.45 Pivot: 172.90-173.425 Support: 169.00-170.00*** Seasonal Tendencies (June Live Cattle)Below is a look at historical seasonality’s (updated each Monday) VS today’s prices (black line). Seasonally we start to see June futures soften up, but if you’ve been watching cattle at all over the last year you know that seasonals tendencies tend to have had a lower correlation this year. *Past performance is not necessarily indicative of futures results. Commitment of Traders Snapshot(updated on Mondays) Read the full article here: Can Livestock Futures Stabilize? - Blue Line FuturesHey Barchart Readers, Connect with Oliver Sloup here: https://bluelinefutures.com/2023-signup/?utm_source=Oliver-Sloup-Barchart Email info@Bluelinefutures.com or call 312-278-0500 with any questions -- our trade desk is here to help with anything on the board! On the date of publication, Oliver Sloup did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. |
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