Long and Wrong

Published on: 22:42PM Apr 29, 2019

Livestock Roundup

 

April 29, 2019

 
 

Last Trades

LEM9: -.20 at 114.85, trading in a range of .85

LEQ9: -.10 at 112.55, trading in a range of .85

GFK9: -.45 at 143.50, trading in a range of 1.65

GFQ9:  -1.75 at 151.10, trading in a range of 2.925

 

 

 

Cattle Commentary:  Fat cattle futures tried to stabilize to start the week, but found few buyers willing to step in after last week’s blood bath.    Friday’s Commitment of Traders report showed funds holding a net long position of 154,550 futures/options.  That report would not reflect the selling pressure in the back half of the week, we estimate that funds reduced 25,000 contracts.  Cash trade softened up in the back half of the week, which was to be expected after the board collapsed.  We would not be surprised to see cash soften up yet again.  Feeders on the other hand saw a lot more pressure to start the week as the technical and fundamental backdrop remains weaker.  Last week’s break lower in both fats and feeders caught us off-sides.  The market had been trading technically sound for the last several months but last weeks breakdown out of the average daily ranges threw a stick in the spokes.  We still think there is a buying opportunity down at these levels but need to see technicals re-calibrate here over the next few sessions.   

 

PM Boxed Beef / Choice / Select

Current Cutout Values: / 233.14 / 217.72

Change from prior day: / .15 / (1.69)

Choice/Select spread: / 15.42

 

Tech Talk

                

Live Cattle (June)

 

June live cattle spent the day....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com.

 

 

Feeder Cattle (August)

 

Feeder cattle continued....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com.

 

 

Lean Hogs (June)

 

June lean hogs....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com.

 

Sign up for a FREE trial of 1 or all 4 of our daily commodity reports!

-Grains

-Livestock

-Currencies

-S&P, Oil, Gold

 

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.