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The August Lean Hogs contract bounced back from Thursdays debacle. It recovered most of the decline and settled above the 80.45 resistance level at 80.65. It formed an inside candle as it traded within Thursdays trading range. A break out above the 81.15 high could see price retest the rising 100 DMA now at 82.97. A failure from settlement could see price test the 79.50 low and then the rising 8 DMA at 78.94. The Lean Hog Index declined and is at 70.65 as of July 10th. The pork cutout index recovered to 72.61 as of July 11th.

August Live Cattle eked out a new high for the up move at 108.725. It settled at 108.475. This is right at the 108.65 resistance level that cattle has been nearing all week. If cattle can take out this level next week a run to resistance at 110.80 is likely. Resistance then comes in at 112.35. A failure from settlement could see price revisit the 107.30 support level and then move towards support at 106.025. The cash market has traded at 112.00 in the south on a live basis. It has traded at 115.00 in Iowa on a live basis and at 182.00 -183.00 for dressed in Nebraska. Boxed beef cutouts declined again as choice cutouts were down 0.97 to 212.80 and select was down 1.19 to 189.60 on light to moderate demand and moderate offerings. The choice/ select spread widened to 23.20 and the load count was 109. Slaughter was 116,000.

August Feeder Cattle broke down and tested support at 140.775 making the low of the day just below it at 140.45. It recovered off the low and settled at 141.60. Resistance is at 142.40 and 143.50. The high for the week is at 143.75. The 100 DMA is at 144.69. Support is at 140.775 and the rising 8 DMA at 140.45. The declining 50 DMA is at 139.84. The cash index has recovered nicely off its lows. Corn is strong and volatile. Feeder Cattle is coiling between support and resistance. Corn prices could play an important role in the break out direction for Feeders. The Feeder Cattle Index continued it move higher and is at 141.06 as of July 11th.

For those interested I hold a weekly grain (with Sean Lusk) and livestock webinar on Thursday, July 18that 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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