Cattle Commentary: Cattle futures finished the day lower following Friday afternoons “bearish” Cattle on Feed report. The report had a bearish undertow but wasn’t full of any significant surprises in our mind. April fat cattle finished down .85 at 124.00, trading in a range of 1.20. March feeders finished the session down .25 at 145.75, trading in a range of 1.85. As prices work lower towards the bottom end of the range, we see more value to the buy side; price is what you pay, value is what you get (See technicals below). Cash trade last week came in at 128. We had heard bids at 126 early in the day and it appears a few may have traded there in Kansas and Texas. This weeks Fed Cattle Exchange has 365 head offered. Boxed beef continued higher today.
PM Boxed Beef / Choice / Select
Current Cutout Values: / 219.52 / 214.72
Change from prior day: /1.15 / 1.90
Choice/Select spread: / 4.80
Live Cattle (April)
Live cattle futures gaped lower to start this week’s trade, the market floundered around there and started to gain strength but could not encourage any additional buying above the gap which invited additional long liquidation into the afternoon session. The first support we listed in the weekend edition of the Livestock Roundup was tested and held, that continues to come in from....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 feeder cattle opened lower but managed to find footing just above significant support which we have outlined as....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 and Technicals (April)
Lean hogs started out strong but ran out of gas within the first hour of trading. April futures finished the day down 1.375 at 70.000, trading in a range of 2.05. Today’s failure to sustain momentum is a big caution flag for the bulls, if they cannot defend 69.70 tomorrow it is likely we see things accelerate below....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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