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Livestock Report


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Live Cattle

The October Live Cattle contract broke down below the 200 DMA (114.65) on Tuesday July 25, 2017, making its way down to test support at the July 6th low (112.425) with the session low at 112.65. A break down below the July 6 low could see price test support at 110.925. Resistance is at the 200 DMA. On Tuesday negotiated cash trade was mostly inactive on light demand in all feeding regions. Tuesday afternoon boxed beef cutout values were steady on Choice and higher on Select on light to moderate demand and offerings. Choice was up .16 at 207.62 with Select up 1.04 to close at 198.93 on 113 loads. The hide and offal value from typical fed cattle for today was estimated at 11.45 per cwt live, down 0.04 from Monday's value. The estimated cattle slaughter for Tuesday was reported at 118,000. The fedcattleexchange online auction is on Wednesday morning at 10 AM CT. There are 2,119 head for sale.

Feeder Cattle

The August Feeder Cattle contract continued to sell off on Tuesday, breaking down and testing support at the 147.05 - 146.025 area, with the session low at 146.30. A breakdown below here could lead to a test of support at the 100 DMA at 143.95. A rebound from Tuesdays low could see a test of resistance up at 148.45.

Lean Hogs

The October Lean Hogs is below resistance at 67.80. It formed a spinning top candle after a bullish hammer candle. A breakout above the Wednesday high (67.225) could lead to a rally above resistance (67.80) and a test of resistance at 68.35. A break down from the low (66.625) could lead to a test of support at 65.80 and then 64.90.

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

**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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