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Daily Livestock Fundamentals & Technicals (8.22.18)

Published on: 21:57PM Aug 22, 2018

We will be on RFD-TV tomorrow at 12:45cst, tune in! 

 

Last Trades:

LEV8: -1.275 at 109.20, trading in a range of 1.70

LEZ8: -1.175 at 113.50, trading in a range of 1.575

GFU8: -1.725 at 149.275, trading in a range of 2.20

GFV8: -2.225 at 148.70, trading in a range of 2.775

 

Cattle Commentary:  We have been turning more bearish over the past several sessions and finally caught a nice break on today’s open.  Cattle futures rolled over on the open which shouldn’t come as much of a surprise after yesterday’s session.  Cash bids today were coming in anywhere from 109-109.50.  Today’s Fed Cattle Exchange sold 280 head at 109.50, the other pen of 79 was passed on with a tantalizing bid of 90.  The monthly Cattle on Feed report will be released Friday afternoon.  Average expectations are as follow:  On Feed 104.5%, Placements 106.3%, Marketed 104.7%.  Cold storage this afternoon came in at 485.007 million pounds. 

 

PM Boxed Beef / Choice / Select

Current Cutout Values: / 214.04 / 203.97

Change from prior day: / .47 / (.11)

Choice/Select spread: / 10.07

 

Tech Talk

 

Live Cattle (October)

 

The market broke down below our key support pocket near 109.55 which opened the door for a “whoosh” lower.  Prices traded as low as 108.30 but regained ground to close near the 50-day moving average at 109.20.  Today’s low was right on with trendline support from the lows on May 18th, June 15th, July 11th, and August 13th.  There is additional support down to....Click this link for a Free Trial at Blue Line Futures to view our entire technical outlook and actionable bias and levels.

 

Feeder Cattle (October)

 

Feeder cattle futures broke down today which opened the door for accelerated selling pressure, pressing prices towards the low end of the range which we have had defined as 147.45-147.85.  This pocket represents the 100-day moving average along with previously important price points.  A break and close below here takes us to....Click this link for a Free Trial at Blue Line Futures to view our entire technical outlook and actionable bias and levels.

 

Lean Hog Commentary and Technicals (October)

 

This afternoon’s Cold Storage report showed pork at 548.053 million pounds and bellies at 38.542 million pounds.  Lean hogs continued their regression today with October futures finishing 2.70 lower at 53.525, trading in a range of 1.90.  This was right on a key Fibonacci retracement and just above our support pocket from....Click this link for a Free Trial at Blue Line Futures to view our entire technical outlook and actionable bias and levels.

 

 

If you have any questions or would like to discuss the markets in more depth, please do not hesitate to call or email.

 

Oliver@BlueLineFutures.com

Direct: 312-837-3938

 

 

 

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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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