Daily Livestock Market Update (7.7.22)

Wednesday’s Slaughter is estimated at 126,000. 2,000 less than last week, and 5,000 more than the same week last year.

Wednesday’s Cutout Values

Choice: 268.05, Up 3.39 from the previous day.

Select: 242.93 Up 3.06 from the previous day.

Choice/Select Spread: 25.12

5 Area Average Cattle Price

Live Steer: N/A

Live Heifer: N/A

Dressed Steer: 235.00

Dressed Heifer: N/A

Live Cattle

Technicals (August): August live cattle attempted to rally yesterday but fell short against Tuesday’s high, closing right near the 50-day moving average. Lower highs and higher lows have been the theme this week. Though morale is down, we remain optimistic that live cattle can work back above technical resistance and the major moving averages. The 100-day moving average is the highest of the three coming in at 136.05. That acts as the upper end of our first resistance band. A move above here could extend us to.....Sign up for your FREE two-week trial of our daily commodity commentary!

Resistance:

Pivot:

Support:

Feeder Cattle

Technicals (August): August feeder cattle futures were on both sides of unchanged yesterday, keeping them in the wedge and recent range. The market is poised for a bigger directional move, but with the market in the middle of a month-long trading range, that direction is a bit of a coin flip. The key levels to watch are 170ish on the support side and 176ish on the resistance side. We continue to monitor the corn market, though the correlation with feeders has been null recently.....Sign up for your FREE two-week trial of our daily commodity commentary!

Resistance:

Pivot:

Support:

Lean Hogs

Technicals: Lean hog futures broke out above trendline resistance yesterday which opens the door for a retest of the May and June highs, which coincidently lines up with the 100-day moving average, near 111. A breakout above here and it looks like clear skies on the chart. Yesterday’s move higher came on the back of a gap higher, which leaves an air pocket below the market, with the 50-day moving average right in the middle of it, 106.425-107.025.....Sign up for your FREE two-week trial of our daily commodity commentary!

Resistance:

Pivot:

Support:

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.