Cattle Start 2018 With a Bang!
Jan 02, 2018
Cattle Commentary: Cattle futures soared higher to start off 2018 with live cattle and feeder cattle leaving gaps on the chart. February live cattle finished the session up 1.85 at 123.40, trading in a 1.30 range (gaped higher on the open). March feeder cattle finished the day near limit, up 4.425, trading in a range of 3.624 on the day. A higher cash trade of 123 on Friday coupled with colder temperatures have the bulls pretty optimistic, there have even been early cash calls for 1-2 higher this week (we think steady). Tomorrows Fed Cattle Exchange has 388 head offered. Fridays Commitment of Traders report showed that funds hold a net long position of 82,669 contracts, this is a reduction of 9,208 (keep in mind this data is compile through Tuesday). Boxed beef prices also saw a nice jump to start the year.
PM Boxed Beef Choice Select
Current Cutout Values: 205.14 196.57
Change from prior day: 2.24 3.59
Choice/Select spread: 8.53
Live Cattle (February)
If you’ve been following our technical bias, you know that we were looking for a run back to 123.35-123.70 which was achieved today. This does not necessarily mean flip short or we can’t go higher, it simply means this is a great spot to...Please sign up for a Free Trial of 1 or all 5 of our daily reports to view our entire technical outlook and proprietary bias and levels.
Feeder Cattle (March)
March feeders gapped open near our first resistance level of 143.50, from there futures remained strong and managed to close above significant resistance which we had coming in from 146.45-146.75. We feel that this pocket represents an opportunity to...Please sign up for a Free Trial of 1 or all 5 of our daily reports to view our entire technical outlook and proprietary bias and levels.
Lean Hog Commentary & Technicals
Lean hog futures had an opposite day to cattle in the sense that their high tick was at the open and it was all bad news for the bulls from there. February lean hogs finished the day down .95 at 70.825, trading in a range of 1.325 on the day. As mentioned in our reports last week, the market was....Please sign up for a Free Trial of 1 or all 5 of our daily reports 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.