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Daily Livestock Fundamentals & Technicals (9.5.18)

Published on: 21:56PM Sep 05, 2018

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Last Trades:

LEV8: -.625 at 109.25, trading in a range of 1.40

LEZ8: -.375 at 114.025, trading in a range of 1.05

GFV8: -.175 at 151.65, trading in a range of 1.55

GFX8: .225 at 151.725, trading in a range of 1.40

 

Cattle Commentary:  Cattle futures backed off today on the absence of bullish news and yesterday’s failure against our technical resistance pocket.  Cash cattle has been non-existent this week with bids starting to creep up from 106 to 107.  We would not be surprised to see these bids continue to climb, but that doesn’t necessarily mean futures need to follow suit.  Today’s Fed Cattle Exchange had no sales, there was 1 pen passed on at 106.  Boxed beef was lower on the day.

 

PM Boxed Beef / Choice / Select

Current Cutout Values: / 210.40 / 200.91

Change from prior day: / (.42) / (1.30)

Choice/Select spread: / 9.49

 

Tech Talk

 

Live Cattle (October)

 

October live cattle worked back into the middle of the years range, trading within yesterday’s range.  Prices managed to close off of the lows, but it still appears that the bears have a slight advantage here in the near term.  Significant resistance comes in from 110.250-110.65, this pocket represents previously important price points, the 200-day moving average, and trendline resistance.  On the support side of things, our first pocket comes in from....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)

 

October feeder cattle poked their head above the August 20th highs, but failed to attract new buyers into the market.  The inability to breakout didn’t lead to a breakdown which should be a silver lining for the bull camp.  The bulls will want to defend 151.075 on a closing basis, this represents previous resistance and the 50-day moving average.  Consecutive closes below here takes us back towards the bottom end of the range from....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)

 

Lean hogs reversed course a bit today with October futures leading the way higher, finishing up 1.175 at 52.25.  December finished the day up just .025, while February finished in the red by .275.  Significant resistance for October futures comes 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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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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