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Outbreak of cattle futures | AgWeb

Live cattle (October)

In yesterday’s report and for most of the past two months, we talked about selling the upper end of the range, 129-130, and continuing to play until we get confirmation of a breakout or breakdown. This eruption was yesterday and there was some power behind it. Previous resistance now becomes support which is 129,875-130,475. On the resistance side, it is difficult to attach much importance to levels as momentum rules the day in uncharted territory. The cops will want to defend this pocket to keep momentum in their field. Yesterday’s Cold Storage report was 401,259 million lbs (38,917 million lbs less than last year) …………Click on this link to read the FULL review and receive our daily commentary

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Feed cattle (September)

In yesterday’s report we talked about finding resistance points while a market is at contract highs is a difficult task, and yesterday was a perfect example of that. Momentum, emotion and risk departments are becoming the main price drivers. We expect the volatility to continue in today’s session. The previous resistance remains the support which comes from 165.225-165.525. The cops have the technical advantage as long as they can continue to defend this pocket. One mistake could start to look like a blowoff top …………Click on this link to read the FULL review and receive our daily commentary

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Lean Pigs (October)

The lean October pigs tried to recover yesterday morning but failed due to technical resistance, which remains intact from 89.70 to 89.975. This bag represents the upper end of the current range. The moving 100-day average, which stands at 99.98 this morning, also acted as an additional technical headwind. If the bulls can overcome the resistance it could create bigger move, but lower highs and lower lows have been last month’s trend keeping the ball in the field of bear camps. Yesterday’s Cold Storage report was 443,128 million lbs (17,507 million lbs less than last year). Bellies came in at 27.738 million lbs (14.636 million lbs less than last year) …………Click on this link to read the FULL review and receive our daily commentary

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dairy Butter reported a 7% year-over-year increase, down 4% from the previous month. Natural cheese stocks increased by 4% compared to the previous year and by 1% compared to the previous month. The futures markets retained the morning gains with the September contract closing at 5.45pm. Producers expecting third quarter DRP compensation when looking at the July and August settlements might be disappointed when buyers enter the blocks and kegs market and push September to a point where they will see vanishing compensation payments.

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Trading futures carries a significant risk of loss and may not be suitable for all investors. Trading advice is based on information from trading and statistics services and other sources that Blue Line Futures, LLC believes to be reliable. We do not guarantee that this information is correct or complete and should not be relied on. The trading advice reflects our good faith judgment at any given 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 are made by the account holder. Past performance is not necessarily an indication of future results.

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