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Livestock Report


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Live Cattle

The December Live Cattle contract made a new high for the current up move on Monday, October 9, 2017, trading up to 117.575, in quiet holiday trading. It couldnt hold onto the high and broke down and tested the 116.55 support level, making the session low at 116.475. It formed a Doji candlestick as the market ended the day in the middle of the range, right near the open and at Fridays high (117.10). A rally above the Monday high could lead to a test of resistance at the September 22 high (117.725) and then resistance at 119.15. Trading below the low could see the 200 DMA tested (115.60). The negotiated cash market was quiet on Monday. On Friday, after the futures closed, cash traded from 109.00 up to 110.50. Monday afternoon boxed beef cutout values were higher on Choice and Select on light to moderate demand and moderate offerings. Choice was up 0.91 to 198.13 and Select was up 1.43 to 188.66 on 94 loads. The choice/ select spread narrowed to a plus 9.47. The estimated cattle slaughter for Monday was reported at 115,000.

Feeder Cattle

The November Feeder Cattle made another attempt to trade above the 156.025 resistance level reaching a new high for the up move at 156.45. It couldnt sustain the rally and broke down below the Friday low (154.85), forming an outside day candle. The session low is 154.70. It ended the day at 155.525, below the 156.025 resistance level. A break out above the high could lead to a test of resistance at the September 20 high (157.30) and then 159.975. A break out below the low could lead to a test of support at the 13 DMA (154.25), the rising 21 DMA (153.15) and the 152.30 support level.

Lean Hogs

The December Lean Hogs contract formed a Doji candlestick, right at the 8 DMA (61.175). It made the high at 61.325 and the low at 60.70, and ended the session at 60.90. A break down from the low could lead to a test of support at the 13 DMA (59.925) and the 21 DMA (59.925) and the trendline at 59.975. Support then comes in at 58.10. Taking out the high could lead to a test of resistance at 61.80 and then the declining 50 DMA (62.925).

For those interested I hold a weekly livestock webinar on Friday, October 13 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.

Live Cattle

The December Live Cattle contract made a new high for the current up move on Monday, October 9, 2017, trading up to 117.575, in quiet holiday trading. It couldnt hold onto the high and broke down and tested the 116.55 support level, making the session low at 116.475. It formed a Doji candlestick as the market ended the day in the middle of the range, right near the open and at Fridays high (117.10). A rally above the Monday high could lead to a test of resistance at the September 22 high (117.725) and then resistance at 119.15. Trading below the low could see the 200 DMA tested (115.60). The negotiated cash market was quiet on Monday. On Friday, after the futures closed, cash traded from 109.00 up to 110.50. Monday afternoon boxed beef cutout values were higher on Choice and Select on light to moderate demand and moderate offerings. Choice was up 0.91 to 198.13 and Select was up 1.43 to 188.66 on 94 loads. The choice/ select spread narrowed to a plus 9.47. The estimated cattle slaughter for Monday was reported at 115,000.

Feeder Cattle

The November Feeder Cattle made another attempt to trade above the 156.025 resistance level reaching a new high for the up move at 156.45. It couldnt sustain the rally and broke down below the Friday low (154.85), forming an outside day candle. The session low is 154.70. It ended the day at 155.525, below the 156.025 resistance level. A break out above the high could lead to a test of resistance at the September 20 high (157.30) and then 159.975. A break out below the low could lead to a test of support at the 13 DMA (154.25), the rising 21 DMA (153.15) and the 152.30 support level.

Lean Hogs

The December Lean Hogs contract formed a Doji candlestick, right at the 8 DMA (61.175). It made the high at 61.325 and the low at 60.70, and ended the session at 60.90. A break down from the low could lead to a test of support at the 13 DMA (59.925) and the 21 DMA (59.925) and the trendline at 59.975. Support then comes in at 58.10. Taking out the high could lead to a test of resistance at 61.80 and then the declining 50 DMA (62.925).

For those interested I hold a weekly livestock webinar on Friday, October 13 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.

**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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