Daily Livestock Technicals & Fundamentals (10.24.18)
Oct 24, 2018
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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
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