Live Cattle Shrug Off Outside Market Weakness
Cattle Summary
Daily Cutout Values
Choice: 259.79, Down 3.25 from the previous day.
Select: 239.68, Down 3.07 from the previous day.
Choice/Select Spread: 20.11
5 Area Average Cattle Price
Live Steer: 144.00
Live Heifer: N/A
Dressed Steer: N/A
Dressed Heifer: N/A
Daily Slaughter
Estimated at 126,000. Unchanged from last week and 6,000 more than the same week last year.
Feeder Cattle Index
8/29/2022: 183.00
8/26/2022: 183.16
Technical Snapshot
Live Cattle
October live cattle futures were able to break the 4-day streak of lower prices, on a day when the outside markets saw meaningful pressure. If you're bullish the market, this is your silver lining. The market finished the session right near the upper end of our pivot pocket, 143.25-143.775. If the Bulls can keep yesterday's momentum alive, perhaps we see a retest of 145.10-145.975. We are in the camp that the cash market may stall out, which could limit the upside. We are monitoring outside markets and commodities as a whole, if they continue to trend lower, it will be an uphill climb for live cattle. We are still in the camp that the three major moving averages could be tested in the near term.
Resistance: 145.10-145.975***, 147.35-147.50**
Pivot: 143.25-143.775
Support: 141.75-142.10****, 138.025-138.35****
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.
Daily Cutout Values
Choice: 259.79, Down 3.25 from the previous day.
Select: 239.68, Down 3.07 from the previous day.
Choice/Select Spread: 20.11
5 Area Average Cattle Price
Live Steer: 144.00
Live Heifer: N/A
Dressed Steer: N/A
Dressed Heifer: N/A
Daily Slaughter
Estimated at 126,000. Unchanged from last week and 6,000 more than the same week last year.
Feeder Cattle Index
8/29/2022: 183.00
8/26/2022: 183.16
Technical Snapshot
Live Cattle
October live cattle futures were able to break the 4-day streak of lower prices, on a day when the outside markets saw meaningful pressure. If you're bullish the market, this is your silver lining. The market finished the session right near the upper end of our pivot pocket, 143.25-143.775. If the Bulls can keep yesterday's momentum alive, perhaps we see a retest of 145.10-145.975. We are in the camp that the cash market may stall out, which could limit the upside. We are monitoring outside markets and commodities as a whole, if they continue to trend lower, it will be an uphill climb for live cattle. We are still in the camp that the three major moving averages could be tested in the near term.
Resistance: 145.10-145.975***, 147.35-147.50**
Pivot: 143.25-143.775
Support: 141.75-142.10****, 138.025-138.35****
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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