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Daily Livestock technicals and Fundamentals (9.24.18)

Sep 24, 2018

Last Trades:

 

LEV8: -.85 at 112.225, trading in a range of 1.325

LEZ8: -1.325 at 117.125, trading in a range of 1.575

GFV8: -1.65 at 156.425, trading in a range of 1.775

GFX8: -1.80at 156.00, trading in a range of 1.80

 

Cattle Commentary:  Cattle futures started the week on softer ground thanks to steady to softer cash along with a moderately bearish Cattle on Feed report.  The bulk of cash came in from 110.50-111.00.  The silver lining for the bulls in the Cattle on Feed report is that weights looked lighter.  This afternoons Cold Storage report for beef came in at 503.449 million pounds.  Funds have been looking back to the long side over the past few weeks.  Friday’s Commitment of Traders report showed funds bought 17,028 futures through September 18th, expanding the net long position to 71,138 futures.  Money flow coupled with friendly charts has us more optimistic for the intermediate term, see the full technical breakdown.

 

PM Boxed Beef / Choice / Select

Current Cutout Values: / 206.16 / 195.39

Change from prior day: / 1.36 / .68

Choice/Select spread: / 10.77

 

Tech Talk

 

Live Cattle (December)

Please note that we are now focusing on December futures as October approaches first notice day and volume shifts.  Today’s pullback was expected and welcomed by the bull camp and we would not be surprised to see prices pull back to the 116.00 level.  This was the original breakout from September 14th, previous resistance now becomes significant support.  On the resistance side of things, the market has found it difficult to claim ground above the February highs of 118.975, this has been and will continue to be a meaningful battleground area between the bulls and the bears.....Click this link for a Free Trial at Blue Line Futures to view our entire technical outlook and actionable bias and levels.

 

Feeder Cattle (November)

 

Please note that we are now focusing on the November contract as it takes over as the leader for traded volume.  As with live cattle futures, today’s pull back was expected and welcomed by the bulls and the bears.  Today’s retreat brings prices back towards significant support from 154.70-155.40.  This pocket represents the February and July highs, as well as the breakout from September 14th.  So long as the bulls can defend this on a closing basis they remain in control.  On the resistance side of things, recent highs of 159.40 is the line in the sand.  Above that mark is uncharted territory, so....Click this link for a Free Trial at Blue Line Futures to view our entire technical outlook and actionable bias and levels.

 

Lean Hogs (December)

 

December lean hogs traded both sides of unchanged today as the market continues to consolidate after the steady climb higher over the last month.  Friday’s Commitment of Traders report showed funds bought 8,053 futures, expanding their net long position to 26,211.  We continue to believe there is still more room for this market to work higher over the intermediate term and will continue to work with clients in trading that direction.  First resistance remains intact from 58.50-58.65, this pocket contains the recent highs and the 200-day moving average, an indicator we have not closed above since the first half of April.  This afternoon’s Cold Storage report showed port at 582.595 million pounds and bellies at 34.969 million pounds....Click this link for a Free Trial at Blue Line Futures to view our entire technical outlook and actionable 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.

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