Feeder cattle futures commentary2/17/2024 Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. □Futures trading involves substantial risk of loss and may not be suitable for all investors. Sign up below for a FREE trial of our daily commentary! Oliver Sloup, VP & Co-Founder, Blue Line Futures *Past performance is not necessarily indicative of futures results. Weekly export sales for pork showed net sales of 25,900 MT for 2023 were up 23 percent from the previous week, but down 14 percent from the prior 4-week average. Lean Hogs Technicals (February – G)įebruary lean hogs just chopped around yesterday, leaving most of the technical levels unchanged from the previous day. Support: 209.00-210.00** Seasonal Tendenciesīelow is a look at historical seasonality’s (updated each Monday) VS today’s prices (black line). Weekly export sales were beyond dismal this morning. Net sales of 200 MT for 2023–a marketing-year low–were down 98 percent from the previous week and from the prior 4-week average. The volatility we’ve seen recently has been lingering at the upper bounds. The difference between now and then is that back then it was a pop and drop. The CME CVOL index for Live Cattle, which measures volatility made new highs yesterday, reaching it’s highest levels since September of 2021. Seasonal tendencies have been out of whack for live cattle for majority of the year and are never a guarantee, but as you can see from the second chart below (updated today, April live cattle) this is a time of year where we’ve historically seen some support come into the market. Pardon me for trying to make humor in what has been one of the most dramatic selloffs in cattle that we’ve seen. Welp, it was another day that ended with “y”, which has a recently shown a strong correlation to cattle being lower. ![]() Blue Line Futures is a futures and commodities brokerage firm providing actionable proprietary research and a trade desk to speak with as much or as little as you want.
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