Cattle Hold Support
Jan 11, 2018
Cattle Commentary: Fat cattle traded both sides of unchanged today as the “Goldman Roll” continues into its last day tomorrow. As mentioned in yesterday’s report, we continue to see value in fats but are looking out to April to do so. February live cattle futures finished .075 lower at 116.80, trading in a range of 1.10 on the day. April live cattle finished -.075 as well with a final print of 118.60, this after trading in a range of .95 on the day. Cash trade is likely wrapped up for the week so there is not much new news on that front. The bulk of the trade has been at 120, with a few hundred going off at 119 on the Fed Cattle Exchange yesterday; dressed has been at 192. March feeder cattle finished the session -.85 at 141.375, this after trading in a range of 1.90 on the day. There have been talks of weather helping support things here today, but this is typical of winter in the Midwest. It is a three-day weekend, so it may be a more interesting final day of the week than usual. Boxed beef was lower today as talks circulate that the seasonal top is in.
PM Boxed Beef _Choice _Select
Current Cutout Values: _ 209.07 _ 202.95
Change from prior day: _ (.99) _ (.28)
Choice/Select spread: _ 6.12
Live Cattle (April)
February live cattle futures took out yesterdays low but failed to ignite panic selling and long liquidation from the funds and other market participants which is a silver lining for the bulls. We continue to feel that there is value in the market at these levels but would look at using April over the front month February. Technical support continues to come in from....Please sign up for a Free Trial on Blue Line Futures to view our entire technical outlook and proprietary bias and levels.
Feeder Cattle (March)
March feeder cattle traded both sides of unchanged today in a choppy session, only to finish near where we opened. The market has held the 200-day moving average on a closing basis, something we have not seen this contract close below. We continue to see significant support in this market from....Please sign up for a Free Trial on Blue Line Futures to view our entire technical outlook and proprietary bias and levels.
Lean Hog Commentary & Technicals
We finally feel vindicated after battling all week against contract highs. February lean hogs failed to see conviction at new highs which led to long liquidation over the past two sessions. February hogs finished the day down 1.70 to 70.825, trading in a range of 1.775 on the session. These past two sessions have eliminated the previous five. Our first support target comes in from....Please sign up for a Free Trial on Blue Line Futures to view our entire technical outlook and proprietary bias and levels.
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