Livestock futures turn south
Feb 01, 2018
Cattle Commentary: Wednesdays trade started out relatively tame but turned south towards the end of the session. April live cattle finished the session down 1.425 at 122.75, trading in a range of 1.725. March feeders were down 2.375 at 144.80, trading in a range of 2.65. The bulk of this week’s cash trade has come in at 126 and some sales that pulled back to 125. Packers have decent inventory which give them a slight advantage here. We have been very clear with our stance on the market being mostly range bound until we get a new fundamental catalyst to give us that breakout or break down that the perma-bulls and perma-bears keep talking about.
PM Boxed Beef / Choice / Select
Current Cutout Values: / 210.06 / 204.32
Change from prior day: / .37 / (.05)
Choice/Select spread: / 5.74
Live Cattle (April)
April live cattle finished the session in our first support pocket which we had outlined as 122.475-122.75, making todays trade and close more meaningful for setting the tone over the next week. This pocket contains the 50 and 100 day moving average, a key Fibonacci retracement, and a some previously significant price points. If we o see a break and close below, we expect to see a move towards....Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.
Feeder Cattle (March)
March feeders broke down and closed below first support, that will now become resistance in today’s session; that comes in at 146.45. We continue to feel that there is likely a little more room to wiggle down. The significant pocket we are keeping an eye on comes in from....Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.
Lean Hog Commentary & Technicals (April)
April live cattle futures continue to be under pressure, finishing the session down .75 at 72.15, trading in a range of 1.30. If the market cannot find footing, we expect to see long liquidation open the door to a run at....Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.
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