LEQ8: .075 at 109.00, trading in a range of .95
LEV8: .575 at 110.825, trading in a range of 1.10
GFQ8: -.35 at 153.325, trading in a range of .925
GFU8: UNCH at 154.55, trading in a range of .975
Cattle Commentary: Cattle futures opened the session slightly softer but managed to find firm footing through the morning session. Friday’s Cattle on Feed report couldn’t have come in more in line. On-Feed: 104%, Placed: 101%, Marketed: 101%. There was a decent amount of cash trade late Friday, the bulk coming in at 113. The charts remain friendly (see technicals below) but a pullback would be welcomed and likely viewed as healthy for the longer-term trend of the market. For clients who like to get aggressive, we are working at doing just that with regards to the short side.
PM Boxed Beef / Choice / Select
Current Cutout Values: / 204.82 / 198.03
Change from prior day: / .65 / 1.03
Choice/Select spread: / 6.79
Live Cattle (August)
The market continues to linger near the 200-day moving average which comes in at 109.00 today (also the last trade). The chart has been constructive over the last two months, but a pull back towards 107.775 would be welcomed. On the resistance side of things, there seems to some significant hurdles 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 (August)
August feeder cattle are continuing to catch their breath from Wednesdays big move higher. The chart continues to look constructive, marking higher lows and higher highs since the double bottom we saw back on May 17th. The RSI (relative strength index) is at 59.45, not overbought but near the high end of the range. Price lingers in the middle of our risk range here between support near....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 (August)
It was another pathetic rally attempt today, futures finished down .025 at 66.425, trading in a range of .80. We have been raising a caution flag since the market broke below the April 4th lows of 72.45 (13 days). There’s no need to be a hero and try to catch a falling knife, and there’s no reason to suggest selling here; in this instance the best trade is no trade. From a trader’s perspective, we continue to feel....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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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.