Cattle Summary Daily Cutout Values - Choice: 306.60, Down .39 from the previous day.
- Select: 287.80, Down .94 from the previous day.
- Choice/Select Spread: 18.80
5 Area Average Cattle Price - Live Steer: 178.54
- Live Heifer: 178.04
- Dressed Steer: 287.68
- Dressed Heifer: 287.24
Daily Slaughter - Estimated at 108,000. 4,000 less than last week and 12,000 less than the same week last year.
Feeder Cattle Index - 04/20/2023: 203.10
- 04/19/2023: 203.91
|
Seasonal Trend in Play Commitment of Traders Update (through April 18th) - Live Cattle: Managed Money were net long 104,341 futures/options contracts. Broken down that is 124,385 longs (up 10,168) VS 20,044 Shorts (down 2,151).
Technicals (June - M) - Despite volatility in last week’s trade, June futures were able to firm for the week. Friday’s Cattle on Feed report is viewed as Bearish by most, which could threaten some of last week’s support levels. 161.075-161.925 is the pocket we will be keeping a close eye on. This pocket represents the gap from April 6th. The 50-day moving average comes in just below that.
Resistance: Pivot: Support: Sign up for a free trial to get the full report with our technical levels to watch. |
Seasonal Trend in Play: Commitment of Traders Update (through April 18th) - Feeder Cattle: Managed Money were net long 11,012 futures/options contracts. Broken down that is 19,183 longs (up 1,902) VS 8,171 Shorts (down 768).
Technicals (May - K) - May feeder cattle had an impressive showing last week, rallying 4.50 in the week. That rally puts prices back in uncharted territory, making it nearly impossible to pinpoint meaningful levels of resistance. On the support side, 207.95-208.525 is the pivot pocket. A break and close below there could mute the Bullish technical landscape and potentially flip to trigger long liquidation.
Resistance: Pivot: Support: Sign up for a free trial to get the full report with our technical levels to watch. |
Hogs Summary Daily Direct Hogs Plant Delivered (as of 1:30 PM CT) Carcass Base Price Range: 60.00-70.00 Weighted Average: 66.02 Change from Prior Day: -.90 Head Count: 3,990 CME Lean Hog Index 4/19/2023: 71.41 4/18/2023: 71.57 |
Seasonal Tend in Play - December lean hog futures have trended higher from March 30th to June 10th for 12 out of the last 15 years.
Technicals (June - M) - Lean hogs were able to rally on Friday, but rallies have been very short lived, so optimism after an up-day is as muted as ever. The market continues to struggle, thanks to a less than helpful cash market. If you want to look for a counter trend move in hogs, we’d suggest looking into the options market and/or going out to the December contract.
Resistance: Pivot: Support: Sign up for a free trial to get the full report with our technical levels to watch. |
Get our FULL technical and fundamental commentary!
Futures trading involves a 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.
