Daily Livestock Technicals and Fundamentals (9.19.18)

Last Trades:

LEV8: -.125 at 113.30, trading in a range of .55

LEZ8: -.10 at 118.00, trading in a range of .625

GFV8: -1.00 at 158.175, trading in a range of 1.95

GFX8: -1.00 at 158.025, trading in a range of 1.875


Cattle Commentary: Live cattle futures traded in their tightest range in what seems like a lifetime. Market participants have digested last weeks cash trade and seem somewhat skeptical that we will see that advance again. On top of the uncertainty around this weeks cash trade, we also have market participants sitting on their hands as we await Friday afternoons Cattle on Feed report. Early estimates are for cattle on feed to come in at 105.2%, placements at 104.1%, and marketings at 100.6%.


PM Boxed Beef / Choice / Select

Current Cutout Values: / 205.29 / 195.47

Change from prior day: / (.75) / (1.91

Choice/Select spread: / 9.82


Tech Talk

Live Cattle (October)

Eyeballing it, it looks like live cattle finished the session in one of their tightest trading ranges for this contracts life. The narrow range keeps a lot of the technicals intact form yesterdays report. . If the bulls are able to chew through and close above 114.075-114.75, we could see a swift move higher with contract highs of 117.60 being the next significant level. On the flip side....Click this link for a Free Trial at Blue Line Futures to view our entire technical outlook and actionable bias and levels.


Feeder Cattle (October)

October feeder cattle have been bumping their head up against Fridays highs the past two sessions, failing to achieve that next leg higher. As of now that does not mean the market is over, the market is forming what is looking more like a bull flag. The breakout Friday is the flag pole, the past two sessions are a consolidating wedge (flag). This could be setting up for another flagpole looking candle. If the bulls fail to get that next move higher, we could see prices retreat back towards....Click this link for a Free Trial at Blue Line Futures to view our entire technical outlook and actionable bias and levels.


Lean Hogs (October)

October lean hogs surged higher today which all started with a gap higher on the open. Futures finished the day up 2.625 at 59.075, trading in a range of 2.05 on the day. The move higher takes the market to our next resistance level at 59.65. A conviction close above here opens the door for a move towards 62.45-63.25. This would be the highest price since June 20th. On the support side, the gap from the morning is the first obvious support pocket, we see that as....Click this link for a Free Trial at Blue Line Futures to view our entire technical outlook and actionable bias and levels.


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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.