Live Cattle
Technicals (June-M)
June live cattle futures made new lows but seemed to reject them as support managed to hold intact from 172.90-173.425. The relatively strong late afternoon trade was encouraging but the Bulls are not out of the woods yet, the still want to see a close back above our pivot pocket from 175.70-176.40 to spark more of a relief rally.
Weekly export sales for beef came in at 18,700 MT for 2024 were up 48 percent from the previous week and 53 percent from the prior 4-week average.
Resistance: 177.72-178.45,181.725-182.40*
Pivot: 175.70-176.40
Support: 172.90-173.425, 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)
Friday's Commitment of Traders report showed Funds were net sellers of roughly 3.2k contracts, not a lot, but most of it was from long liquidation. This drops their net long position to 59,164.
Continue Reading the full article at: https://bluelinefutures.com/2024/04/04/is-the-low-in/
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