Daily Livestock Technicals & Fundamentals (10.24.18)

Published on: 22:43PM Oct 24, 2018

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Last Trades:

LEZ8: 1.25 at 118.40, trading in a range of 1.575

LEG8: .975 at 122.90, trading in a range of 1.15

GFX8: .15 at 156.025, trading in a range of 1.525

GFF8: .725 at 151.575, trading in a range of 1.55

 

Cattle Commentary: Cattle futures spent majority of the session little changed but caught a bid in the back half of the day. Cash trade has been relatively quiet to start the week, today’s Fed Cattle Exchange didn’t have any sales. Optimistic analysts are suggesting we could see $3-4 higher, we are keeping our expectations in check. Even if we do get a rally in cash, it does not mean the board has to rally step for step. Outside market volatility picked up after the livestock close, with stocks plummeting 3.25% for the day. If the weakness continues overnight and into the morning, we could see that fear spill over into cattle. In our opinion, this type of volatility negates a fairly constructive technical chart (see full technical breakdown below).

 

PM Boxed Beef / Choice / Select

Current Cutout Values: / 211.39 / 197.82

Change from prior day: / 1.11 / .96

Choice/Select spread: / 13.57

 

 

Tech Talk

 

Live Cattle (December)  Click this link to get our full commentary delivered to your email.

 

 

Feeder Cattle (November)  Click this link to get our full commentary delivered to your email.

 

 

Lean Hogs (December)  Click this link to get our full commentary delivered to your email.

 

 

-If you have questions about our services or would like to discuss the markets in more depth, please feel free to email Oliver@BlueLineFutures.com, or call/text 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.