Cattle Summary
Daily Cutout Values
Choice: 252.34, Down 1.13 from the previous day.
Select: 229.95, Down .16 from the previous day.
Choice/Select Spread: 22.39
5 Area Average Cattle Price
Live Steer: 142.73
Live Heifer: 142.31
Dressed Steer: 226.50
Dressed Heifer: 226.26
Daily Slaughter
Estimated at 125,000. 2,000 less than last week but 6,000 more than the same week last year.
Feeder Cattle Index
9/14/2022: 178.51
9/13/2022: 179.97
Get our daily commentary emailed to you each morning!
https://www.bluelinefutures.com/free-trial
Live Cattle
December live cattle (live cattle in general) continue to impress, despite the outside markets trading on seemingly shaky ground. The market traded up into our first resistance pocket, which we have listed as 4-star resistance, 151.60-151.775. Though the levels were pretty spot on, our overall bias has not been. We were expecting to see a deeper correction in live cattle alongside weakness in equities. Though we are close to contract highs, we are not even close to seeing the RSI in “overbought” territory.
Resistance: 151.60-151.775****, 152.175-152.375**
Pivot: 148.95-149.40
Support: 147.75-148.325****, 146.70****
Get our daily commentary emailed to you each morning!
https://www.bluelinefutures.com/free-trial
|
|
|
Feeder Cattle
Consolidation continues to be the name of the game for October feeder cattle, as they teeter on the edge of a fairly steep cliff. 180.80-181.35 has been labeled as our pivot pocket. A failure to defend this pocket could open the door for a deeper pullback, with the next meaningful support pocket not coming in until 175.875-176.25. On the flipside, if the market is able to hold ground, we could see a retracement of the breakdown point from earlier in the week and the 50-day moving average, that comes in closer to 184.00.
Resistance: 182.875-183.125***, 184.325**
Pivot: 180.80-181.35
Support: 179.00**, 175.875-176.25***
Get our daily commentary emailed to you each morning!
https://www.bluelinefutures.com/free-trial
|
|
Hogs Summary
Daily Direct Hogs Plant Delivered (as of 1:30 PM CT)
Carcass Base Price
Range: 86.00-102.00
Weighted Average: 95.11
Change from Prior Day: -3.15
Head Count: 7,078
Daily Hog Slaughter
482,000. Up 4,000 from last week and 16,000 from last year.
|
|
Lean Hogs
December lean hogs broke out above our pivot pocket, 85.65-86.475, yesterday we mentioned that a breakout above this pocket would open the door for “clear skies”. The market quickly rallied to our 4-star resistance pocket, 88.00-88.65. This goes to show you that a blind squirrel can find a nut every once in a while. If the Bulls can keep the momentum going and close out above this pocket, the next resistance level is basically contract highs, 91.025-91.35. Previous resistance is now support, that comes in from 85.65-86.475.
Resistance: 91.025-91.35***
Pivot: 88.00-88.65
Support: 85.65-86.475***, 83.25-83.925***, 80.825-81.525****
Get our daily commentary emailed to you each morning!
https://www.bluelinefutures.com/free-trial
|
|
Don't have a trading account with Blue Line Futures?
Open an account from the U.S
Open an account from the U.K and Europe
Open an account from Canada
Open an account from anywhere not mentioned
If you have any questions about markets, trading, or opening an account please let us know!
You can email us at info@BlueLineFutures.com or call 312-278-0500
BlueLineFutures.com
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.
|
|
|
