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Daily Livestock Technicals & Fundamentals (10.3.18)

Published on: 21:42PM Oct 03, 2018

Last Trades:

 

LEZ8: -1.00 at 118.475, trading in a range of 1.20

LEG8: -1.05 at 122.675, trading in a range of 1.10

GFX8: -.825 at 158.75, trading in a range of .925

GFF8: -.975 at 155.475, trading in a range of 1.025

 

Cattle Commentary:  Cattle futures gave up ground today despite yesterday’s constructive trade.  We remain optimistic on December futures and continue to view pull backs as buying opportunities.  Cash cattle this week has been coming in around 112 which is up from the previous week and has been helping support October futures.  Today’s Fed Cattle Exchange didn’t yield any sales, there was a pen of 99 head passed on of 111.00.

 

PM Boxed Beef / Choice / Select

Current Cutout Values: / 204.42 / 192.30

Change from prior day: / (.47) / (1.68)

Choice/Select spread: / 12.12

 

Tech Talk

 

Live Cattle (December)

 

We looked at yesterday’s session as constructive but did not get that follow through confirmation at today’s opening bell.  The market staged an inside day, trading within the previous days range, we view this as a neutral day.  Because we did have an inside day, many of yesterday’s technical support and resistance levels remain intact.   Support in yesterday’s report came in at 118.00-118.50, that remains intact for tomorrow.  A close below here would spark long liquidation.  On the resistance side of things, 119.75-120.10 is the pocket bulls want to chew through to encourage....Click this link for a Free Trial at Blue Line Futures to view our entire technical outlook and actionable bias and levels.

 

Feeder Cattle (November)

 

November feeder cattle staged an inside day, trading within the previous day’s range.  From the technical perspective, we view this as neutral.  The fact that we are consolidating in a bull market ultimately keeps the bulls in control.  Technical resistance remains intact from 159.725-160.00, a breakout above here puts us in uncharted territory which makes it a little more difficult to find the next meaningful resistance point.  Watching money flow will become significantly more important.   On the support side of things....Click this link for a Free Trial at Blue Line Futures to view our entire technical outlook and actionable bias and levels.

 

Lean Hogs (December)

 

December lean hogs started the day under significant pressure and struggled to gain ground back the remainder of the session.  The final trade came in at 57.025, this was down 2.125 on the day.  The fact that we saw the most pressure in the first 5 minutes of trade is a bit of a silver lining for the bull camp, the market could have very easy went lock limit.  We believe this pullback presents an interesting buying opportunity for those who have been nimble on the buy side.  If the market cannot find traction tomorrow, we could see continued liquidation take us back towards....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.