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Livestock Report


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Live Cattle

The October Live Cattle contract tested the 106.00 support level on Tuesday, August 15, 2017, trading down to a new low for the move at 105.75. Support held and Live Cattle rallied from the low. The market closed above resistance (108.675). A rally above the session high (109.575) could lead to a test of resistance at 110.80. A breakdown 107.575 could see a test of the lows. The negotiated cash market traded at 110 for live cattle and 175.00 for dressed on Monday. The futures rallied today despite this news. The fedcattleexchange auction is on Wednesday morning there is 1,164 head for sale. Thursday morning boxed beef cutout values were higher on Choice and lower on Select. Choice was up 0.20 at 199.12 and Select down 0.51 to 195.93 on 65 loads. The choice/ select spread widened to 3.19. The estimated cattle slaughter for Tuesday was reported at 119,000.

Feeder Cattle

The September Feeder Cattle contract rallied above the 143.50 resistance level early in the session and then took nearly going limit up on the day. It reached a high of 147.225 and ended the session above (146.40) the 146.025 resistance level. A rally above the high could lead to a test of resistance at 149.975. A failure form the 146.025 level could lead to a retest of support at 144.65 and then 143.50.

Lean Hogs

The October Lean Hogs contract broke out above the 200 DMA (69.325) and the 69.90 resistance level. It reached a high of 70.90 and was able to close above the two resistance levels. There is resistance just above the high at 71.30. A rally above here could lead to a test of the 72.875 resistance level. Trading below the low could see a test of support at 67.90.

For those interested I hold a weekly livestock webinar on Thursday, August 17 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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