Live Cattle
Technicals (June-M)
June live cattle futures were able to stabilize in yesterday's trade, thanks in part to the outside markets stabilizing following a slew of inflation data over the last two days. We would not be surprised to see the market attempt to consolidate around our pivot pocket near 173, with support and resistance about $3.00 away on each side.
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)
Friday's Commitment of Traders report showed Funds were net sellers of roughly 6k contracts. This drops their net long position to 53,281.
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