Cattle Futures Set to Work Higher
Dec 27, 2017
Cattle Commentary: Cattle started out Wednesdays session with follow through momentum from Tuesday but finished mixed in the end. February live cattle for the whole day until 12:59 when the seller stepped in. February futures finished the day -.25 at 121.225, trading in a range of 1.55 on the session. Feeder cattle managed to hang on to gains with the March contract finishing .525 higher at 141.875, trading in a range of 1.40. The Fed Cattle Exchange had 637 head offered but zero sales on the day. Last week’s cash trade was 120 live and 190-191 dressed, so it is nice to see futures catch up after the overextended long liquidation from the funds. There is a lot of talk about the market taking off or falling apart here, we are in the consolidation camp for the intermediate term until we start to see in shift in fundamentals to give us the next technical move. Boxed beef was lower today after gaining significantly yesterday.
PM Boxed Beef Choice Select
Current Cutout Values: 201.60 190.42
Change from prior day: (1.00) (.41)
Choice/Select spread: 11.18
Live Cattle (February)
February live cattle futures were on their way to posting a very constructive session with futures trading higher for 99% of the day. The market posted its highest mark since December 5th but failed to attract additional buying towards our target resistance pocket from.....Please sign up for a Free Trial to see our entire technical outlook and proprietary bias and levels
Feeder Cattle (March)
March feeder cattle opened higher, traded both sides of unchanged to finish the day right where we opened. As with live cattle, it would have been more constructive to see follow through momentum towards our target of.....Please sign up for a Free Trial to see our entire technical outlook and proprietary bias and levels
Lean Hog Commentary & Technicals
Lean hog futures looked promising to start the session but started fading an hour after the open. February futures finished the day -.425 at 71.10, trading in a range of 1.65 on the session. Though futures did finish lower, our first support at 70.30 held to a T which is.....Please sign up for a Free Trial to see our entire technical outlook and proprietary bias and levels
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