Cattle Commentary: Cattle prices had the bulls on pins and needles for much of the morning session with prices lingering near the bottom end of the range. Prices managed to stabilize and close in positive territory. April fats finished the session up .225 at 123.50, trading in a range of 1.575. March feeders finished the day up .375 at 145.125, trading in a range of 1.875. Outside market volatility crept back into the scene in the afternoon, this will be something to keep an eye on going into the weekend as it could have ripple effects. Boxed beef was higher yet again today.
PM Boxed Beef / Choice / Select
Current Cutout Values: / 222.30 / 215.60
Change from prior day: /1.27 / .50
Choice/Select spread: / 6.70
Live Cattle (April)
April live cattle fished for stops below significant support at 122.55 but couldn’t come up with much to spark a flood of long liquidation from funds which is somewhat of a silver lining for the bulls. Prices managed to recover and close in positive territory, reclaiming the 50-day moving average. Tomorrows session will be important for setting next weeks tone. A retest of today’s lows will be the last thing the bull camp wants to see, that would likely be enough for funds to start reducing long exposure. The next support pocket doesn’t come in until....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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