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Cattle on Feed report Friday

Published on: 23:39PM Jan 24, 2018

Cattle Commentary:  Cattle futures finished the session mixed with fat cattle finishing in the green and feeders in the red.  April live cattle closed up .55 at 125.35, trading in a range of .95 for the session.  March feeder cattle finished the day down .225 at 146.75, trading in a range of 1.625.  Cash trade has been non-existent this week with talks of 1-2 higher from last weeks 123.  Today's Fed Cattle Exchange offered 494 head but yielded zero sales; 123.75 was passed on.  We had a cold storage report this afternoon, that showed beef stocks for the end of December at 489.543 million pounds, this was on the low end of expectations and are down 14% from last year.  Market participants are anxiously awaiting Friday afternoons cattle on feed report.  The average On Feed estimate is for 107.7 with the range of estimates coming in from 107.2-108.1.  The average Placements estimate is 96.9 with the range of estimates coming in from 93.3-100.3.  The average Marketing’s estimate is 98.6 with the range of estimates coming in from 97.9-100.3. 

 

PM Boxed Beef                    Choice                      Select

Current Cutout Values:         207.99                      200.85

Change from prior day:        1.14                            .69

Choice/Select spread:          7.14

 

Cattle Technicals

 

Live Cattle (April)

 

April live cattle finished higher, marking their 8th positive close in the last 9 sessions.  As far as new technical levels, not much has changed from yesterday.  Prices are still lingering at a very significant resistance pocket from 125.175-125.45, this pocket represents the January 4th highs and a key Fibonacci retracement level derived from the August lows to the November highs. If the market achieves a conviction close above resistance, we could see the market extend towards....Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.

 

Feeder Cattle (March)

March feeder cattle continue to struggle against technical resistance with higher grain prices likely lending a hand to that.  We see first resistance from 147.75-147.875, this represents the 100-day moving average and the recent highs. This was also significant support on November 20th and the breakdown point to start December. There next level above there is just a stones throw away at....Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.

 

Lean Hog Commentary & Technicals (April)

 

Lean hog futures finished higher across the board, with the more active April contract leading the way.  April futures finished the session 1.225 higher at 75.875, trading in a range of 2.075.  This afternoons cold storage report showed pork stocks at the end of December at 490.782 million pounds, this was on the top end of expectations and up 3% from last year.  We continue to see fundamentals and technical softening in the near term, providing little upside above contract highs.  The market made an attempt at yesterdays lows and key support from 73.60-74.05 but managed to hold, this invited some new buyers to step in technically.  The market tested our resistance pocket from....Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and 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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