The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
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Cattle Commentary: Cattle futures finished the last trading day of the year in the red with February live cattle futures closing .70 lower at 121.625, trading in a range of 1.375 with respectable volume. For the week, February futures closed up 3.375. Cash cattle trade through the week was non-existent with bids from 118-119 and offers at 125-126. The buyers and sellers found common ground at 123 after the futures closed, this was up from 119/120 in the previous week. Colder temperatures have helped offer some support to the market as it tends to slow down the weight gain. Fridays weekly Commitment of Traders report showed funds are net long 82,738 contracts. Keep in mind that this data is compiled through Tuesdays session.
PM Boxed Beef Choice Select
Current Cutout Values: 202.90 192.98
Change from prior day: .62 2.07
Choice/Select spread: 9.92
Cattle Technicals: On the technical side of things, we have been marking higher highs and higher lows over the last three weeks which is constructive. We are still looking for futures to make a run towards....Please sign up for a Free Trial to view our entire technical outlook, proprietary bias and levels.
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Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
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