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Livestock Roundup (6.14.18)


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Last Trades:

LEQ8: -2.40 at 101.50, trading in a range of 2.50

LEV8: -2.425 at 104.50, trading in a range of 2.35

GFQ8: -2.025at 143.625, trading in a range of 2.45

GFU8: -1.75 at 144.925 trading in a range of 2.625

Cattle Commentary: Risk off in the ag sector was the theme today with pressure continuing in the grain and livestock markets. There were talks of a light cash trade at 110 this morning which likely led to that midday selloff. First significant support from 102.20-102.40 gave way which opened the door for a run at our next level from 100.80-101.225. That pull back provided what we felt was a great opportunity to start dipping the toes back into the market. We still feel confident that we could see cash work higher into the weekend, and if we dont get cash before the close shorts may want to cover into the weekend. We do expect to hear more definitive statements surrounding trade with China over the next 24 hours which could lead to retaliatory actions over the weekend.

PM Boxed Beef / Choice / Select

Current Cutout Values: / 222.08 / 201.97

Change from prior day: / (1.82) / (.33)

Choice/Select spread: / 20.11

Tech Talk

Live Cattle (August)

Resistance: 102.20-102.40**, 105.20-105.35***, 106.50-106.675**

Support: 100.80-101.225***, 97.625-98.20****

Feeder Cattle (August)

Resistance: 144.15**, 145.50***, 146.60-147.25***

Support: 143.00-143.750****, 141.00-141.15**, 139.675-139.95****

Lean Hog Commentary and Technicals (July)

Resistance: 84.125-84.675***, 85.75****

Support: 80.00-80.50***, 78.80-79.30**, 77.20-77.50***

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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Oliver Sloup is Vice President of Blue Line Futures, a leading futures and commodities brokerage firm located at the Chicago Board of Trade. Blue Line Futures mission is to put the customer first, and that means bringing YOU the best customer service, consistent and reliable research and state of the art technology.  Oliver has been a guest on CNBC and Bloomberg, among others.  Oliver has over a decade of trading experience. Prior to Blue Line Futures, Oliver worked as the Director of Managed Futures at iiTRADER.

 

 

Contributing author since 10/6/17 

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