Will Live Cattle Ever Fill the Gap
Friday’s Slaughter is estimated at 125,000. 4,000 more than last week, and 4,000 more than the same week last year.
Friday’s Cutout Values
Choice: 267.89, Down .18 from the previous day.
Select: 241.85, Down .73 from the previous day.
Choice/Select Spread: 26.04
5 Area Average Cattle Price
Live Steer:144.37
Live Heifer: 141.69
Dressed Steer: 232.30
Dressed Heifer: 232.23
Live Cattle
Commitments of Traders Update: Friday’s Commitments of Traders report showed Managed Money were net sellers of 9,968 futures/options, through July 5th. The Bulk of this was new short positions, 7,162. This shrinks their net long position to 14,297.
Technicals: For the week ending July 8th, August live cattle were down .65. The market continues to chop around in the middle of the range over the last two months. Recently, major moving averages have been a roadblock for the Bull camp. Today, those come in at 135.425 (200 day moving average) and 135.95 (100 day moving average). We remain stubbornly optimistic that we can work back out above these levels and potentially make another run at filling the April 25th gap.
Resistance: 135.40-136.05***, 137.95-138.75***, 140.275**
Pivot: 134.40
Support: 132.45-132.775***, 129.975-130.725****
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: 267.89, Down .18 from the previous day.
Select: 241.85, Down .73 from the previous day.
Choice/Select Spread: 26.04
5 Area Average Cattle Price
Live Steer:144.37
Live Heifer: 141.69
Dressed Steer: 232.30
Dressed Heifer: 232.23
Live Cattle
Commitments of Traders Update: Friday’s Commitments of Traders report showed Managed Money were net sellers of 9,968 futures/options, through July 5th. The Bulk of this was new short positions, 7,162. This shrinks their net long position to 14,297.
Technicals: For the week ending July 8th, August live cattle were down .65. The market continues to chop around in the middle of the range over the last two months. Recently, major moving averages have been a roadblock for the Bull camp. Today, those come in at 135.425 (200 day moving average) and 135.95 (100 day moving average). We remain stubbornly optimistic that we can work back out above these levels and potentially make another run at filling the April 25th gap.
Resistance: 135.40-136.05***, 137.95-138.75***, 140.275**
Pivot: 134.40
Support: 132.45-132.775***, 129.975-130.725****
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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