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Daily Livestock Commentary


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Live Cattle (October)


Cash cattle continued to creep higher yesterday with 100-102 picking up steam, dressed reached 165 in the north. This seems to be what the market was looking for and explains why the funds have been buying on the close. Over 30% of the volume in October live cattle, yesterday, came in the final 10 minutes of trade. This has been a trend for about a week. The market is treading on the 200-day moving average, that comes in at 107.10, a close below could spur a round of profit-taking as we head into a seasonal trade. 6 of the last 7 years we have seen October fats trade lower from August 6th to August 27th, 2013 was the exception.


Resistance: 110.525-111.25****

Pivot: 106.70-107.30

Support: 102.60-103.65***, 99.35**


Feeder Cattle (August)


August feeder cattle have been chopping around for the last two sessions as the market catches its breath from a strong rally in the back half of last week. Resistance remains intact, we have defined that as 145.00-146.125. 143.50-143.85 is the pivot pocket, a break and close below here could take us back to the 200-day moving average, 140.55.


Resistance: 145.00-146.125****

Pivot: 143.50-143.85

Support: 140.55***, 138.75-139.425****


Lean Hogs (October)


October lean hogs chopped around yesterday, finishing the day near unchanged. The Bulls still have some work to do. $50.00 is technically and psychologically significant, consecutive closes above this area could help propel futures back to the high end of the recent range. A failure to do that leaves the door open for a potential retest of contract lows, 46.475.


Resistance: 51.675-52.075***, 53.40-53.775****

Pivot: 50.00-50.70

Support: 47.875-48.025**, 46.475***


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Oliver Sloup

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312-837-3938

Oliver@Bluelinefutures.com


Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.



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About the author


Oliver Sloup is Vice President of Blue Line Futures, a leading futures and commodities brokerage firm located at the Chicago Board of Trade. Blue Line Futures mission is to put the customer first, and that means bringing YOU the best customer service, consistent and reliable research and state of the art technology.  Oliver has been a guest on CNBC and Bloomberg, among others.  Oliver has over a decade of trading experience. Prior to Blue Line Futures, Oliver worked as the Director of Managed Futures at iiTRADER.

 

 

Contributing author since 10/6/17 

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