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Livestock Levels


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Live Cattle

The June Live Cattle contract made another limit up move on Thursday, April 27, 2017, trading past and closing (121.525) just above resistance at the January 19th high (121.45). It also closed solidly above trendline resistance (119.20). This trendline now becomes support, and the trendline is moving downward so for Fridays trade support will be at 119.125. Resistance is at 123.30 and 124.675. The cash market exploded higher today as the Texas panhandle had sales range from $135.00 to $138.00, Kansas from $136.00 to $138.00, Nebraska from $138.00 to $140.00 and Colorado had reported sales also at $140.00. Nebraska dressed sales came in at $217.00 to $219.00. Boxed beef cutout values were steady on Choice and higher on Select. The Choice cutout was .03 lower at $219.15 and Select cutout was .96 higher at $206.68. The Choice/ Select spread is $12.47.

Feeder Cattle

The August Feeder Cattle also saw a limit up move and it closed up limit at 150.35. This is just above the August 2016 high resistance level (149.975). A continuation higher on Friday could see a test of resistance at the May 11, 2016 high at 152.20 and then the 100 WMA at 154.05. A breakdown from resistance could lead to a test of support at 146.10.

Lean Hogs

The June Lean Hogs rallied above the 72.875 resistance level, reaching a high of 73.65. A late day breakdown took price back to the 72.875 level where it ended the day. Support comes in at the 21 DMA (71.95), the 13 DMA (71.275) and the 50 DMA (70.75). Resistance is at 74.10, 75.325 and 77.90.

For those interested I hold a weekly livestock webinar on Friday, April 28 at 3:00pm. It is free for anyone who wants to sign up and the link for sign up is below. If you cannot attend live a recording will be sent to your email upon completion of the webinar.

Sign Up Now

Ben DiCostanzo

Senior Market Strategist

Walsh Trading, Inc.

Direct: 312.957.4163

888.391.7894

Fax: 312.256.0109

bdicostanzo@walshtrading.com

www.walshtrading.com

RISK DISCLOSURE: THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES AND OPTIONS TRADING. THIS REPORT IS A SOLICITATION FOR ENTERING A DERIVATIVES TRANSACTION AND ALL TRANSACTIONS INCLUDE A SUBSTANTIAL RISK OF LOSS. THE USE OF A STOP-LOSS ORDER MAY NOT NECESSARILY LIMIT YOUR LOSS TO THE INTENDED AMOUNT. WHILE CURRENT EVENTS, MARKET ANNOUNCEMENTS AND SEASONAL FACTORS ARE TYPICALLY BUILT INTO FUTURES PRICES, A MOVEMENT IN THE CASH MARKET WOULD NOT NECESSARILY MOVE IN TANDEM WITH THE RELATED FUTURES AND OPTIONS CONTRACTS.



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About the author


Ben DiCostanzo
Senior Market Strategist
Walsh Trading

I began my career in the Securities industry working as a runner on the floor of the New York Stock Exchange while I attended Pace University. I then started working for Salomon Brothers in their Government Bond Trading arena. After graduating from Pace University with a degree in Accounting, I transferred to Chicago and became a member of the Chicago Mercantile Exchange utilizing my experience to execute trades and manage risk for institutional clients as a broker for Salomon Brothers on the trading floor. I then embarked to trade for my own account in the stock indices pits as a local before moving off the floor to aid and assist individual clients in their trading endeavors. I now work at Walsh Trading holding a series 3 broker’s license whose duties include being the firm’s Chief Market technician.

I understand that every client's needs are different, and I pride myself in tailoring my service to each client's unique circumstances and needs. Individual client experience, risk tolerance, and capital all play a role in how I approach the markets. I am involved in all markets using technical analysis to find opportunities. My approach is driven by the principles of capital preservation.

My trading philosophy is that if you can recognize and manage the risk, you have a better chance to be successful in trading. I advise clients to always use stops as money management in my opinion is the most important ingredient in trading commodities.

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