rounded corner
rounded corner
top border

Livestock Report


Bookmark and Share

Live Cattle

The February Live Cattle contract held the 123.125 support level Tuesday morning making the low of the day at 122.75. A strong rally followed from the low with price trading past the 124.75 resistance level. It made the high at 124.875. It pulled back from there and ended the session in the middle of the range at 124.00. A rally above the high could take price to the 125.50 resistance level and then it could continue on towards the 127.15 to 128.30 resistance zone. Trading below the low could take price to trendline support at 122.45. A breakdown below here could lead to a test of support at 121.325. The negotiated cash trade was light to moderate on moderate demand with live sales 1.00 lower than last week at 118.00 in the Southern Plains. Nebraska trade was light on moderate demand with live sales from 120.00 The Western Corn Belt trade was light on light to moderate demand with live sales at 120.00. Trade was slow on light demand in all other feeding regions. The fedcattlexchange.com auction is on for Wednesday morning with 955 head for sale. Tuesday afternoon boxed beef cutout values were higher on Choice and Select on light to moderate demand and heavy offerings. Choice was up 2.45 to 208.63 and Select was up 0.60 to 188.65 on 178 loads. The choice/ select spread widened to a plus 19.98. The estimated cattle slaughter for Tuesday was reported at 120,000.

Feeder Cattle

The January Feeder Cattle contract opened (150.075) higher, dipped down to the low of the day at 149.50 then rallied the remainder of the day reaching the high at 152.05. It ended the session just below the high at 151.425. The high is just below the 152.30 resistance level. A rally above 152.30 could lead to a test of the 153.70 resistance level. Aggressive short covering could lead to the 154.25 resistance level and the 50 DMA ((154.675). A breakdown from 151.425 could take price down to the 100 DMA (150.575). Support then comes in at 149.975.

Lean Hogs

The February Lean Hogs contract tested the 69.90 resistance level Wednesday morning, reaching the session high at 69.30. It failed from here and traded down through the 67.90 support level, making the low at 66.80. It ended the day at 66.90. This is just above the 66.75 support level. A break down below 66.75 could see price test the declining 100 DMA at 65.90. A rally off the low could send price towards the 67.90 resistance level.

For those interested I hold a weekly grain (with Sean Lusk) and livestock webinar on Thursday, November 30 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.



Recent articles from this author



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.

Published by Barchart
Home  •  Charts & Quotes  •  Commentary  •  Authors  •  Education  •  Broker Search  •  Trading Tools  •  Help  •  Contact  •  Advertise With Us  •  Commodities
Markets: Currencies  •   Energies  •   Financials  •   Grains  •   Indices  •   Meats  •   Metals  •   Softs

The information contained on InsideFutures.com is believed to be accurate but is not guaranteed. Market data is furnished on an exchange delayed basis by Barchart.com. Data transmission or omissions shall not be made the basis for any claim, demand or cause for action. No information on the site, nor any opinion expressed, constitutes a solicitation of the purchase or sale of any futures or options contracts. InsideFutures.com is not a broker, nor does it have an affiliation with any broker.


Copyright ©2005-2018 InsideFutures.com, a Barchart.com product. All rights reserved.

About Us  •   Sitemap  •   Terms of Use  •   Privacy Policy