Live Cattle Continue to Consolidate
Friday’s Slaughter is estimated at 124,000. 5,000 more than last week and 11,000 more than the same week last year.
Friday’s Cutout Values
Choice: 269.24, Up 1.47 from the previous day.
Select: 242.25, Up 1.44from the previous day.
Choice/Select Spread: 26.99
5 Area Average Cattle Price
Live Steer: 139.07
Live Heifer: 137.73
Dressed Steer: 225.42
Dressed Heifer: 225.34
Live Cattle
CoT Update: Friday’s Commitments of Traders report showed Managed Money were net buyers of 17,841 futures/options through July 26th. This expands their net long position to 37,505.
Technicals (October): For the week, October live cattle were down .775, trimming the gains for the month to 3.45. Despite the lower price action last week, the 100-day moving average was able to hold, that comes in at 141.86. A break and close below here could take us to the 50 and 200 day moving average, 140.225-140.90. Within this pocket is trendline support from the June lows. Our short-term bias is pretty neutral, but a pullback to this support pocket would likely have us looking to lean more on the bullish side.
Resistance: 145.10-145.975****, 147.35-147.50**
Pivot: 141.80-141.90
Support: 139.975-140.675**, 138.025-138.35****
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.
Friday’s Cutout Values
Choice: 269.24, Up 1.47 from the previous day.
Select: 242.25, Up 1.44from the previous day.
Choice/Select Spread: 26.99
5 Area Average Cattle Price
Live Steer: 139.07
Live Heifer: 137.73
Dressed Steer: 225.42
Dressed Heifer: 225.34
Live Cattle
CoT Update: Friday’s Commitments of Traders report showed Managed Money were net buyers of 17,841 futures/options through July 26th. This expands their net long position to 37,505.
Technicals (October): For the week, October live cattle were down .775, trimming the gains for the month to 3.45. Despite the lower price action last week, the 100-day moving average was able to hold, that comes in at 141.86. A break and close below here could take us to the 50 and 200 day moving average, 140.225-140.90. Within this pocket is trendline support from the June lows. Our short-term bias is pretty neutral, but a pullback to this support pocket would likely have us looking to lean more on the bullish side.
Resistance: 145.10-145.975****, 147.35-147.50**
Pivot: 141.80-141.90
Support: 139.975-140.675**, 138.025-138.35****
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.
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