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Livestock Report


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The October Lean Hogs contract reversed course, closing one of its gaps in the process. The break down took price down to the Thursday high at 63.175 where it found support and a slight recovery saw it settle at 63.625. It settled just above the 63.325 support level and could key the price action for Tuesday. If settlement holds, price could revisit resistance at 64.80 and then the Monday high at 66.025. A failure from 63.325 could see price test support at 61.80 which would close the gap from Wednesdays high (61.925) to Thursdays low at 62.20. The Lean Hog index continues to fall and is at 59.71 as of 9/12/2019. The Pork Cutout Index fell and is at 71.14 as of 9/13/2019.

December Live Cattle is now the lead contract as its volume is higher than the October contracts volume. It tested support at the 50 DMA on the continuous chart at 103.80, making the low at 103.825. It settled a little higher at 104.025. If the market follows through lower a test of support at 103.00 and then 101.625 is possible. A recovery from settlement could see price test resistance at 104.80 and then the declining 100 DMA at 105.74. The cash market was at a standstill. Boxed beef cutouts declined with choice cutouts down 0.26 to 220.62 and select down 2.03 to 196.57 on light demand and moderate offerings. The choice/ select spread widened to 24.05 and the load count was 101. Slaughter was 117,000.

October Feeder Cattle traded between resistance at 135.60 and support at 133.50. Mondays range was 135.475 to 133.55. A failure below 133.50 could see the 132.075 support level tested. Support then comes in at 131.10. A breakout above 135.60 could see resistance tested at 136.75. Resistance then comes in at 138.95. The Feeder Cattle Index was unchanged at 136.09 as of September 13th.

For those interested I hold a weekly grain (with Sean Lusk) and livestock webinar on Thursday, September 19that 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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