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Live Cattle


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Live Cattle

The August Live Cattle opened (115.80) lower from Mondays settlement (116.10) on Tuesday, June 20, 2017 and raced down to the low of the day at 113.65. The low came in just above the 200 DMA (113.25) support level and buyers came in at this level and took price higher. By the end of the session Live Cattle made a new high and left a long shadow, forming a Hammer candlestick. This is a bullish formation as we have had a 14 handle decline from the 127.65 high on June 6 to todays low. If the August contract can rally above the high (116.425) a rally to the 100 DMA (117.925) is possible. If the low holds, retracement levels come in at the 38.2% retracement level at 118.99, the 50% retracement level at 120.65 and the 61.8% retracement level at 122.30. Live Cattle is in a short-term down trend as a lower high and now a lower low is in place on the continuous chart. A failure to hold above the 116.425 high could lead to a retest of support at the 200 DMA. Wednesday could see some cash trading as cash has been quiet so far this week and the fedcattleexchange online auction should be up and running as the exchange is reverting back to its old platform. Boxed beef cutout values were lower this afternoon on light demand and light to moderate offerings. Choice cutouts were down $2.47 to $246.99 and select down $1.48 to $219.88 on 129 loads. The choice/ select spread is at $27.11. Tuesdays estimated slaughter is 117,000, even with a week ago and above last years 112,000.

For those interested I hold a weekly livestock webinar on Friday, June 23 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

**Call me for a free consultation for a marketing plan regarding your livestock needs.* *

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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