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Livestock Report


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Live Cattle

The October Live Cattle contract stalled on Monday, September 11, 2017. It traded within Fridays range forming an inside candle. A breakout above the 107.95 high could see price test the 108.675 resistance level. Continued strength could see movement towards the 110.80 resistance level. A failure from the 106.825 low could see price test support at 106.20 and then 104.875. The negotiated cash market was quiet. Monday afternoon boxed beef cutout values were lower on Choice and higher for Select on light to moderate demand and moderate to heavy offerings. Choice was down 0.32 to 191.56 and Select up 0.41 to 190.38 on 155 loads. The choice/ select spread narrowed to 1.18. The estimated cattle slaughter for Wednesday was reported at 116,000.

Feeder Cattle

The October Feeder Cattle traded higher and is approaching the 149.975 resistance level. It reached the high (149.70) at the end of the session, just below resistance. A rally above the 149.975 resistance level could see price test the 151.725 high from August 3rd and then the 152.30 resistance level. A pullback from the 149.975 resistance level could see price revisit the 100 DMA at 148.25.

Lean Hogs

The October Lean Hogs contract consolidated on Monday, trading both sides of the 61.80 support/ resistance level. It formed an inside candle and ended the session just below the 61.80 level at 61.70. A break down through the 61.25 low on Tuesday could see trendline support tested at 60.15 and then the August 29 low at 59.825. A breakout above the 62.275 high could see price test the 62.575 and 63.25 (Wednesdays low) resistance levels.

For those interested I hold a weekly livestock webinar on Friday, September 15 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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