Livestock Roundup (3.12.18)
Mar 12, 2018
Cattle Commentary: There was zero follow through today from Fridays session as cattle futures posted their high price for the day within the first minute of trade. April fats finished the day down 1.475 at 121.65, trading in a range of 2.20. March feeders finished the day down .45 at 142.075, trading in a range of 1.55 on the day. Bids are said to be at 126 to start the week with some analysts suggesting stead to 1 higher cash trade this week. The bulk of last weeks cash trade came in from 126-127, dressed came in from 203-205. Friday’s Commitment of Traders report showed funds were sellers of 7,221 contracts which brings their net long position down to 92,556. The bears have been in control since March 6th where the market failed to hold a nice rally (see technicals below). Boxed beef was mixed today.
PM Boxed Beef / Choice / Select
Current Cutout Values: / 223.90/ 217.49
Change from prior day: / (.24)/ .23
Choice/Select spread: / 6.41
Live Cattle (April)
Live cattle tried to find footing on the open but failed at our resistance pocket from 123.60-123.80; this pocket represents the 50 and 100 day moving average. The inability to move higher led to additional long liquidation from the funds, pressing prices towards the low end of last weeks range with the lowest closing price since January 16th. Significant support below the market comes in 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 (March)
March feeder cattle couldn’t get much going in today’s session after posting their high tick of the day within the first minute of trade. First technical resistance for this week remains at 143.50 with a lot of barriers all the way p to 147.50. The bears are in control and so long as they can defend first resistance we would expect to see a run towards our technical support pocket which comes in from....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 (April)
April lean hogs made a run at our technical support pocket which we have outlined as 66.425-66.87, the bulls managed t defend this pocket which encouraged some moderate short covering into the afternoon session and close. April futures finished the day down .45 at 67.50, trading in a range of 1.30 on the day. We continue to believe that the bears are in control and any rally should be sold until we see a close back above significant resistance which we have coming in from....Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.
Sign up for a trial of 1 or all 5 of our daily Blue Line Express commodity reports!
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.