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Where's the Bottom?

Published on: 20:36PM Apr 30, 2019

Livestock Roundup

 

April 30, 2019

 
 

Last Trades

LEM9: -.45 at 114.35, trading in a range of 1.175

LEQ9: -.775 at 111.775, trading in a range of 1.225

GFK9: -1.875 at 141.525, trading in a range of 2.30

GFQ9:  -1.975 at 149.20, trading in a range of 2.50

 

 

Cattle Commentary:  Cattle futures traded lower yet again with both live and feeders marking their 7th consecutive lower close.  End of the month trade and long liquidation are the obvious suspects in the recent washout as fundamentals are little changed, relative to the blood bath on the board.  Cash cattle started to pick up today with 123 being reported in Texas and Kansas.  Cash retreating was to be expected, we would like to think that this was largely priced in and the board may have gotten ahead of itself.  With that said, the market can remain irrational longer than you can remain solvent and flashbacks of last year’s March-April selloff linger in the back of traders’ minds. 

 

PM Boxed Beef / Choice / Select

Current Cutout Values: / 231.84 / 218.21

Change from prior day: / (1.30) / .49

Choice/Select spread: / 13.63

 

Tech Talk

                

Live Cattle (June)

 

Last week’s technical breakdown has bled into....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com.

 

 

Feeder Cattle (August)

 

Twelve days ago, the market was....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 tried....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com.

 

 

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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.