Cattle Futures Recover in Tuesday's Trade. Is the Selling Over?

Cattle & Beef - Cattle

Live Cattle

Technicals (June-M)

June live cattle were able to recover in yesterday’s trade, but it really wasn’t until the last half hour of trade. Much of the mid-morning trade was the market fluttering around near unchanged, which is not what the Bulls wanted to see after such a sharp drop lower in the previous session that was largely headline driven, which to us indicates that there could be a lingering concern surrounding future headlines. Resistance remains intact from 177.72-178.45. If the Bulls can chew through and close above this pocket it could help calm the nerves. Until then, the Bear’s have the technical and seasonal advantage.

Resistance: 177.72-178.45,181.725-182.40*

Pivot: 175.70-176.40

Support: 172.90-173.425169.00-170.00


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.

4.1.24 live cattle COTDET_000045


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