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Livestock Report


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Live Cattle

The October Live Cattle contract saw follow through to the down side on Thursday, August 10, 2017, as it broke through the107.60 support level and tested support at 106.00. The low for the day is 106.40 and it ended the session at 106.45. If the 106.00 support level is taken out, we could see the 104.85 level tested. Resistance is at 107.60, 108.675, 109.825 and 110.80. The negotiated cash market was quiet today with light demand in all feeding regions. Thursday afternoon boxed beef cutout values were lower on Choice and Select on light to moderate demand and moderate offerings. Choice was down 1.03 at 200.63 and Select down 0.42 to close at 196.19 on 144 loads. The choice/ select spread narrowed to 4.44. The estimated cattle slaughter for Monday was reported at 119,000.

Feeder Cattle

The September Feeder Cattle contract broke down and made a new low for the move, trading to 140.75, which is just below the June 20 low (140.775). There was an attempt to bounce off the new low but it failed and traded back near the low by the end of the day. It ended the session at 141.025. This is Feeder Cattles 3rd time in this area and a break down below the low could see a test of support at 138.95. The 200 DMA is at 135.80. Resistance is at 143.50 and then 144.65.

Lean Hogs

The October Lean Hogs contract continued to consolidate between the 200 DMA (68.975) and the 67.90 support level. It had another small range, with the high at 68.50 and the low at 67.625. It formed a Doji candle and is forming a ledge. A breakout from this consolidation area could lead to a test of the next support / resistance level. A break out above the 200 DMA could lead to a test of resistance at 69.90. Trading below the low could see a test of support at 66.75.

For those interested I hold a weekly livestock webinar on Friday, August 11 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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