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
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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