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Livestock Report


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The Lean Hog market rallied today going limit up across the board up to the May 2010 contract. The June contract traded up to 86.525, taking out its high from November 23, 2018 at 85.525 and putting the June 2016 high at 90.425 in its sights. Follow through to the upside could meet resistance at 88.175 and then 90425. Limits will be extended to 4.5 handles because of Fridays move. A tired market could see consolidation within Fridays range. China continues to be the catalyst as traders are finally seeing the huge purchases they had been expecting since the African swine fever hit the country. Brazil had record sales to China in February and they bought 23,800 MT of pork from the US last week. That was with tariffs on US product. I could only imagine what it would happen if tariffs werent around. China must need pork badly to purchase that much from us with tariffs in place. The high Chinese spot market is giving US producers a chance to sell product. Or have they quietly suspended tariffs on a temporary basis? Whatever the reason keep on truckin and buy US pork! Cattle futures followed Hogs higher as the negotiated cash market was quiet (so far) today. The flooding in Nebraska and other areas is limiting trade, because even if both sides want to trade it is difficult to move product. Yuck! Resistance is at 129.825 and 131.50. Support at 128.10 and 126.625.

For those interested I hold a weekly grain (with Sean Lusk) and livestock webinar on Thursday, March 21st at 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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