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Livestock Report


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The July Lean Hogs contract continues to make heads spin as a complete reversal of fortune took place on Monday. Fridays limit down move was completely erased and then some as price took out the Friday high (85.90) and made the session high at 86.725 up 3.375 on the day. It settled at 86.20.President Trump pulling back on proposed tariffs is the likely reason for the renewed euphoria in the hog market. If price can climb above resistance at 87.06, a test of resistance at 88.325 is possible. Failure from the Monday high could see price retest support at 85.375. The Lean Hog Index declined and is at 80.30 as of June 6th and the pork cutout index rose to 84.35 as of June 7th.

August Live Cattle also had a remarkable turnaround going limit up for the session. It settled at 106.30. It settled above resistance at 106.025 and follow through buying could see price test resistance up at 107.30 and then 108.65. A failure from the high could see price pullback and test the 104.85 104.20 support area. The cash market was quiet. Boxed beef cutouts were mixed as choice cutouts were down 0.65 to 221.66 and select was up 1.87 to 208.79 on moderate demand and light offerings. The choice/ select spread narrowed to 12.87 and the load count was 91. Slaughter was 121,000.

August Feeder Cattle was strong as it rallied to resistance at the 21 DMA (141.053). It made the high just above it at 141.075. Another end of session smack down took price to 138.875. It settled at 139.825. If the 21 DMA holds back buying pressure a retest of support at 138.95 and then 136.75 is possible. Continued strength could see price overtake the 21 DMA and test resistance at 142.40 and then 143.50. The Feeder Cattle Index moved higher to 132.26 as of June 7th.

For those interested I hold a weekly grain (with Sean Lusk) and livestock webinar on Thursday, June 13that 3:00 pm. 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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