rounded corner
rounded corner
top border

Livestock Report


Bookmark and Share

The August Lean Hogs contract made a new high for the up move, trading up to 82.85 for the session high. It pulled back from here as the rising 100 DMA (82.53) provided strong resistance and it settled at 81.725. The 100 DMA and 83.325 should provide strong resistance for Hogs. A failure from settlement could see price test support at 80.45. Stops above 83.325 could take price to the declining 50 DMA now at 84.715. The Lean Hog Index declined and is at 71.25 as of July 8th. The pork cutout index recovered to 72.72 as of July 9th.

August Live Cattle consolidated yesterdays gains. It opened above the declining trendline resistance at 107.95; making the high just above it at 108.125.This was also yesterdays settlement price. It dipped lower to the session low at 107.25 and settled at 107.625. It formed a narrow range candle and could lead to better price action on Thursday. The trendline dips to 107.675 for Thursday and will key trading on Thursday. A break out above the trendline could see price test resistance at 108.65 and then make its way towards resistance at 110.80. A failure at the trendline could see price revisit the 107.30 support level and then move towards support at 106.025. The cash market was quiet. Boxed beef cutouts declined again as choice cutouts were down 0.31 to 214.42 and select was down 1.20 to 190.89 on light to moderate demand and moderate to heavy offerings. The choice/ select spread widened to 3.53 and the load count was large at 182. Slaughter was 119,000.

August Feeder Cattle consolidated Tuesdays gains. It also formed a narrow range candle which could lead to another swing higher if Mondays highs are broken. Mondays high was 143.30 and resistance is at 143.50. A breakout could see the 100 DMA tested at 144.72 and then resistance at 145.05. A breakdown below 142.40 could see price make a steeper pullback to support at 140.775. The Feeder Cattle Index inched higher and is at 135.76as of July 9th.

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.



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 ©2005-2019 InsideFutures.com, a Barchart.com product. All rights reserved.

About Us  •   Sitemap  •   Terms of Use  •   Privacy Policy