Livestock Roundup (8.2.18)
Aug 02, 2018
LEV8: -.40 at 109.875, trading in a range of 1.475
LEZ8: -.35 at 113.675, trading in a range of 1.325
GFQ8: -1.00 at 150.825, trading in a range of 2.175
GFU8: -.80 at 151.15, trading in a range of 2.40
PM Boxed Beef / Choice / Select
Current Cutout Values: / 203.80 / 197.10
Change from prior day: / .05 / (.48)
Choice/Select spread: / 6.70
Cattle Commentary: Lack of new news on the wire led to cattle futures staging an inside day, marking highs and lows within yesterday’s trading range. We continue to believe the bulls have a slight advantage here as we continue to hold trendline support. The market has been working against the 200-day moving average for a month now with little to show for it, one more test could be enough to give the market that breakout move to make higher highs. Cash cattle so far this week has been reported from 109.75-110.25, but nothing of significant volume in our mind. Feeders have decided to show a correlation with grains over the last 48 hours, we expect this to hold true if the volatility continues in tomorrow’s session.
Live Cattle (October)
Resistance: 111.225-111.45**, 112.25-112.925***
Support: 108.75-109.175**, 107.80-108.175****, 106.25-106.35**
Feeder Cattle (August)
Resistance: 151.50**, 155.50-155.975****, 157.80-158-15***
Support: 147.95-148.60****, 145.50-146.20***
Lean Hog Commentary and Technicals (October)
Resistance: 52.425-52.625***, 55.675-55.975****, 57.575-58.275***
Support: 49.00-49.90**, 45.00*
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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.