Will a Risk-On Trade in the Outside Markets be a Tailwind to Livestock Markets?

Live Cattle (December)

December live cattle futures made new highs for the move but reversed to finish the day back near the low of the day’s range. That failure against resistance from 187.675-188.00 keeps that pocket intact for today’s trade. On the support side, 184.22-184.55 is the pocket for the Bulls to defend. Outside markets are in risk-on mode in the early morning trade following a big beat in the non-farm payroll report, this could add a tailwind to cattle if that strength continues through the day’s session. Yesterday’s 5parea average price for live steers was reported at 186.79. Cutout values were slightly lower yesterday afternoon.

• Resistance: 187.675-188.00***
• Pivot: 184.225-184.55
• Support: 181.325-182.07, 179.10-179.97

Feeder Cattle (October)
Feeder cattle futures caught their breath in yesterday’s trade, trading both sides of unchanged and finishing the day under slight pressure. Resistance remains intact from 249.85-250.80. A move out above there and 254-255 would not be out of the question. On the support side, 245.90-246.50 is the pocket the Bulls need to continue defending. A break and close below there could spark additional technical selling.

• Resistance: 249.85-250.80*
• Pivot: 245.90-246.50
• Support: 242.75-243.45, 239.62-240.15***

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Will a Risk-On Trade in the Outside Markets be a Tailwind to Livestock Markets? - Blue Line Futures

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