Thursday’s Slaughter is estimated at 122,000. 3,000 less than last week but 1,000 more than the same week last year.
Thursday’s Cutout Values
Choice: 262.41, Up .81 from the previous day.
Select: 252.59, Down .65 from the previous day.
Choice/Select Spread: 9.82
5 Area Average Cattle Price
Live Steer: 138.81
Live Heifer: 138.31
Dressed Steer: 221.17
Dressed Heifer: 220.98
On Deck: Today’s Cattle on Feed report
Estimates are as follows: On Feed: 101.1%, Placements: 106.3%, Marketings: 104.3%.
Live Cattle
Seasonal Trend in Play: Yes
Seasonal Spread in Play: Yes.
Want to learn more about Seasonal Trends? Email Seasonals@BlueLineFutures.com
Commitments of Traders: The most recent CoT report (3.18.22) showed funds were net buyers of 1,593 futures/options contracts. This puts their net long position at 40,144 futures/options (a relatively neutral position). Broken down that is 76,881 longs vs. 36,737 shorts.
Technicals (April): April live cattle were able to keep it together yesterday, trading in a tight range as traders may be hesitant to be too aggressive on either side, with a Cattle on Feed report out after the close. The market is treading water in our pivot pocket, we’ve defined that as 139.70-140.25. IF the Bulls can achieve consecutive closes above this pocket, it could open the door for an upward extension. The next objective would be 141.50-141.975. This pocket represents the top end of the recent range and the 100-day moving average. This is the significant pocket that the Bulls want to breakout above, if they can do that, all eyes will be on....Click here to get our (FULL) daily reports emailed to you!
Bias:
Previous Session Bias:
Resistance:
Support:
Feeder Cattle
Seasonal Trend in Play: Yes
Seasonal Spread in Play: Yes
Want to learn more about Seasonal Trends? Email Seasonals@BlueLineFutures.com
Commitments of Traders: The most recent CoT report (3.18.22) showed funds were net buyers of 1,067 futures/options contracts. This puts their net short position at 3,065. Broken down that is 9,153 longs vs. 12,218 shorts.
Techncials (April): April feeder cattle were able to stage a rally yesterday, thanks in part to a weaker grain complex. Grains are weaker (as of writing this) in the early morning trade, which could add some wind to the sails for feeder cattle. The next resistance pocket comes in from....Click here to get our (FULL) daily reports emailed to you!
Bias:
Previous Session Bias:
Resistance:
Support:
Lean Hogs
Seasonal Trend in Play: None
Next Seasonal Trend Start Date: April 23rd
Next Seasonal Spread Start Date: March 30th
Want to learn more about Seasonal Trends? Email Seasonals@BlueLineFutures.com
Commitments of Traders: The most recent CoT report (3.18.22) showed funds were net sellers of 2,674 futures/options contracts, shrinking their net long position to 63,345 futures/options. Broken down that is 74,356 longs vs. 11,011 shorts.
Technicals (April): April lean hogs have been able to stage a nice rally over the last few days, but the Bulls still have some work to do. The market is still rangebound, call it 100 on the low end and 104 on the top side. If the Bulls can achieve a conviction close above resistance, perhaps we could see April futures climb back towards....Click here to get our (FULL) daily reports emailed to you!
Bias:
Previous Session Bias:
Resistance:
Support:
Click here to get our daily reports emailed to you!
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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.
