Are Livestock Markets Forming a Bottom?
Important Reminder: Markets are closed on Friday in observance of Good Friday.
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Monday’s Slaughter is estimated at 124,000, 3,000 more than last week and 11,000 more than the same week last year.
Monday’s Cutout Values
Choice: 272.11, Up 1.64 from the previous day.
Select: 260.29, Down .04 from the previous day.
Choice/Select Spread: 10.14
5 Area Average Cattle Price
Live Steer: 138.82
Live Heifer: 138.58
Dressed Steer: 222.43
Dressed Heifer: 221.88
Live Cattle
Techncials (June): June live cattle managed to grind higher yesterday, trading up near our pivot pocket, 135.25-135.45 (the high was 135.225). This pocket represents previously important price points and the 200-day moving average. As mentioned in previous days reports, we like looking to the sell side against this pocket. A break and close above this pivot pocket would move our short-term bias to Neutral as it could extend the relief rally towards
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Bias:
Previous Session Bias:
Resistance:
Support:
Feeder Cattle
Reported Index: 155.67
Reported Change: -.14
Technicals (May): May feeder cattle made new lows for the move yesterday, trading as low as 156.85 before reversing to finish in positive territory and north of our pivot pocket, 159.125-159.25. Much of this strength came on the back of a grain market that softened up after the floor open. Grains are back higher in the early morning (as of writing this at 5:30am CT) which if it holds, it may mute some of the positive technical developments from yesterday’s session
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Bias:
Previous Session Bias:
Resistance:
Support:
Lean Hogs
Technicals (June): Consolidation continues to be the name of the game for lean hogs, trading in a relatively narrow range for the last four sessions. The bottom end of that range comes in from 112.20-112.925. The upper end of that range comes in from 115.75-115.90. A breakdown or breakout from these levels could spur a bigger technical move. We like looking at the long side from these levels. A breakdown below support is the
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Bias:
Previous Session Bias:
Resistance:
Support:
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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.
