GFX8: -.825 at 157.60, trading in a range of 1.725
GFF8: -.825 at 154.00, trading in a range of 1.65
Cattle Commentary: Cattle futures posted lower lows for the fourth consecutive session as long liquidation takes us back towards the bottom end of what we think will be a new trading range, see the full technical breakdown below. Last Friday’s Commitment of Traders report showed funds with a net long position of 81,094 contracts, the largest long position in a while. Some small cash trade was reported yesterday, coming in at 110.50 live and 174 dressed, not as firm as some market participants would like. Tomorrows Fed Cattle Exchange has 1,246 head offered.
December lean hogs finished today’s session down 1.00 at 56.55, trading in a range of 1.525. The gap lower is not what the bulls wanted to see but shouldn’t come as much of a surprise after Monday’s failure and reversal off of the 200-day moving average which came in at 58.20. We have been friendly the market and continue to be towards the bottom end of the trading range but are aware of the potential head and shoulders formation forming (a bearish chart pattern). There is significant support coming in from....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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