Daily Livestock Technicals and Fundamentals

Livestock Roundup

August 9, 2018


Cattle & Hogs

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Last Trades:

LEV8: -1.675 at 109.325, trading in a range of 2.375

LEZ8: -1.375 at 113.15, trading in a range of 2.025

GFQ8: -1.325 at 149.325, trading in a range of 2.475

GFU8: -.575 at 149.175, trading in a range of 2.65

PM Boxed Beef / Choice / Select

Current Cutout Values: / 206.06 / 198.09

Change from prior day: / .33 / (.77)

Choice/Select spread: / 7.97

Cattle Commentary: Cattle futures rolled over today as traders and other market participants wait for cash trade to develop. Most bids remain near 112 with offers upwards of 116. The velocity of the moves in livestock today with little new news could be tied to the unwinding of long cattle/short hog spread, this will be something to keep an eye on in tomorrows session. We may have been a little premature on buying the pullback in fats today, but our underlying bias hasnt changed today. On the feeder cattle side of things, the chart continues to look troubling. (see video below for full technical breakdown).

Live Cattle (October)

Resistance: 110.85**, 112.15-112.50***, 114.075-114.75***

Pivot: 109.55

Support: 108.60-108.75**, 107.65-107.90****

Feeder Cattle (August)

Resistance: 150.875-151.00**, 152.95-153.00**

Support: 147.95-148.45****, 145.50-146.20***

Lean Hog Commentary and Technicals (October)

Resistance: 52.425-52.625***, 55.675-55.975****, 57.575-58.275***

Support: 45.00*

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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.