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Livestock Report


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The August Lean Hogs contract made an early attempt at a rally pushing past the 77.80 resistance level and making the session high at 78.325. The market collapsed and traded to the session low at 75.575. It settled at 76.075. It formed a bearish outside candlestick. A failure from settlement could see the 74.25 support level revisited. A failure from here could see price approach the 72.80 support level. If settlement holds then a re-test of resistance at 77.80 is possible. Resistance then comes in at 79.80. The Lean Hog Index declined and is at 72.82 as of July 3rd. The pork cutout index fell to 72.91as of July 8th.

August Live Cattle was unable to breakout above resistance at the 107.30 level. It reached the session high at 107.325 and fell back to support at 106.025. The low was 106.075. It settled at 106.15. If price fails at settlement a retest of the 104.85 104.20 support area is likely. A recovery will challenge resistance. The cash market was quiet. Boxed beef cutouts were lower as choice cutouts were down 0.21 to 217.46 and select was down 0.39 to 14.41 on moderate demand and moderate o heavy offerings. The choice/ select spread widened to 23.05 and the load count was 126. Slaughter was 120,000.

August Feeder Cattle also couldnt stay above resistance. It tested the 138.95 resistance level making the high at 139.65. It drifted lower and made the low at 137.875. Settlement was at 138.90. If price fails at settlement, a test of support at 136.75 is likely. A breakout above 138.95 could see resistance tested at 140.775. The Feeder Cattle Index fell to 133.21as of July4th.

For those interested I hold a weekly grain (with Sean Lusk) and livestock webinar on Thursday, July 11that 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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