Livestock Roundup 12/19/22
Posted: Dec. 19, 2022, 8 a.m.
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Live Cattle (February)
Managed Money Position: 66,919 (Updated with the weekly CoT Report)
Seasonal Trend in Play: A bullish seasonal for April live cattle goes from December 9th to January 2nd and has played out for 15 straight years.
Techncials: Live cattle futures finished Friday's session on higher ground after defending the 50-day moving average on Thursday. That support pocket from 154.225-154.575 will remain intact to start this week's trade. A break and close below there could take us to the more significant trendline support pocket and 200-day moving average, 152.75-152.975. On the resistance side, 156.95-157.225 remains the hurdle for the Bulls to overcome.
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Feeder Cattle (January)
Managed Money Position: -747(Updated with the weekly CoT Report)
Seasonal Trend in Play: None
Technicals: January feeder cattle were little changed last week as consolidation was the theme. Funds have been covering their net short position in the past several weeks, which brings them close to net flat. Grains are weaker in the early morning trade which may act as a tailwind for feeders out of the gate this morning. Resistance remains intact from 185.40-186.00.
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Lean Hogs (February)
Managed Money Position: 40,116 (Updated with the weekly CoT Report)
Seasonal Trend Play: A bullish seasonal trend for August lean hogs goes from December 6th to January 18th. This has played out for 12 of the last 15 years.
Technicals: Lean hogs caught a bid on Friday, erasing the sharp losses from Wednesday/Thursday and then some. The market rallied back to our pivot pocket, 85.90-86.55. If the Bulls can chew through and close above here, it's possible we see the market make a push back towards the 90.00 area.
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