Are Cattle Futures Set for a Bigger Breakout?
Friday's Slaughter is estimated at 119,000. 1,000 less than last week, but 7,000 more than the same week last year.
Friday's Cutout Values
Choice: 267.12, Down .64 from the previous day.
Select: 242.50, Up 1.97 from the previous day.
Choice/Select Spread: 24.62
5 Area Average Cattle Price
Live Steer: 140.65
Live Heifer: 138.50
Dressed Steer: 227.51
Dressed Heifer: 226.76
Cattle on Feed Snapshot
Cattle on Feed 100% VS Estimates 99.8%
Placed: 98% VS Estimates 94.3%
Marketed: 102% VS Estimates 102%
Live Cattle
Commitments of Traders Update: Friday’s Commitments of Traders report showed Managed Money were net buyers of 1,585 contracts through July 19th. Majority of this was short covering. This puts their net position at 19,665 contracts. This is a historically small position. We would consider a net long of 40k as relatively neutral positioning.
Technicals (October): Live cattle futures finally got a nice move higher on Friday, will that be sustained in today’s trade? TBD. The market is testing the highs from June 9th and June 21st. A close above here could open the door for an extension into April 25th gap, 145.10-145.975. The Bulls will want to defend 141.80-141.90.
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: 267.12, Down .64 from the previous day.
Select: 242.50, Up 1.97 from the previous day.
Choice/Select Spread: 24.62
5 Area Average Cattle Price
Live Steer: 140.65
Live Heifer: 138.50
Dressed Steer: 227.51
Dressed Heifer: 226.76
Cattle on Feed Snapshot
Cattle on Feed 100% VS Estimates 99.8%
Placed: 98% VS Estimates 94.3%
Marketed: 102% VS Estimates 102%
Live Cattle
Commitments of Traders Update: Friday’s Commitments of Traders report showed Managed Money were net buyers of 1,585 contracts through July 19th. Majority of this was short covering. This puts their net position at 19,665 contracts. This is a historically small position. We would consider a net long of 40k as relatively neutral positioning.
Technicals (October): Live cattle futures finally got a nice move higher on Friday, will that be sustained in today’s trade? TBD. The market is testing the highs from June 9th and June 21st. A close above here could open the door for an extension into April 25th gap, 145.10-145.975. The Bulls will want to defend 141.80-141.90.
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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