GFV8: .225 at 156.525, trading in a range of 1.025
GFX8: .675 at 156.60, trading in a range of 1.20
Cattle Commentary: Cattle futures started the day on softer ground but managed to stabilize after finding support near yesterday’s lows. In yesterday’s report we mentioned that we would strongly consider buying pullbacks, that has not changed over the last 24 hours. Techncials remain strong and fundamentals don’t seem overly bearish at this particular point. We will keep a close eye on the development of cash trade this week. There has not been much cash, but we would not be surprised to see steady to firm with last week’s trade of 174-175 dressed and 110.50-111.00 live. Tomorrow’s Fed Cattle Exchange has 426 head offered, not a lot, but something to draw a line in the sand.
PM Boxed Beef / Choice / Select
Current Cutout Values: / 205.73 / 194.87
Change from prior day: / (.43) / (.52)
Choice/Select spread: / 10.86
Live Cattle (December)
December live cattle worked lower today but found some eager buyers into the close. The chart remains very constructive and many of the significant technicals remain intact from yesterday’s report. We would welcome a pullback towards 116, this is the original breakout level, previous resistance now becomes significant support. On the resistance side of things, the market has found it difficult to claim ground above the February highs of 118.975, this has been and will continue to be a meaningful battleground area between the bulls and the bears....Click this link for a Free Trial at Blue Line Futures to view our entire technical outlook and actionable bias and levels.
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