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The December Lean Hogs opened higher and traded to the session high at 65.975. This was just past the 21 DMA at 65.58. It failed to hold the 21 DMA and collapsed. It traded sown to 62.95, just above the Monday low at 62.925. It settled just above the low at 63.125. A break down below the low could see price test support at 61.80. Support then comes in at 59.825. A recovery from settlement could see price retest resistance at 64.25 - 64.80. Resistance then comes in at the 21 DMA. The Lean Hog index declined and is at 58.94 as of 11/11/2019. The Pork Cutout Index surged and is at 83.93 as of 11/12/2019.

December Live Cattle opened higher and fell. It tested support at the 119.15 level for a while then broke down and traded to the low of the day at 117.35. This is below the 117.80 support level and just above the 21 DMA at 117.15. It bounced and settled at 118.10. A rally from settlement could see resistance tested at 119.15. Resistance then comes in at 120.75. A pullback from 117.80 could see the 21 DMA retested and then support at 116.55. Support then comes in at 116.55. Cash traded in Kansas on a live basis at 115.00. Boxed Beef cutouts were higher on good demand and light offerings. Choice cutouts rose 1.84 to 242.34 and select was up 1.30 to 217.53. The choice/ select spread widened to 24.81 and the load count was 131. Slaughter was 118,000.

January Feeder Cattle opened at the highs and then collapsed going limit down and settling near limit down at 142.825. This brought price near the 142.40 support level and the 200 DMA at 142.39. This will be key to trade on Thursday, in my opinion. A failure from support could see price break down and test support at 140.775. If settlement holds consolidation within the Wednesday range is possible. The Feeder Cattle Index rose and is at 147.44 as of 11/12/2019.

For those interested I hold a weekly grain (with Sean Lusk) and livestock webinar on Friday, November 15that 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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