Cattle Futures Finished Lower Yesterday. More of the Same Today
Cattle Summary
Daily Cutout Values
Choice: 264.46, Up 1.09 from the previous day.
Select: 239.72, Up .13 from the previous day.
Choice/Select Spread: 24.74
5 Area Average Cattle Price
Live Steer: 144.39
Live Heifer: 143.70
Dressed Steer: 229.93
Dressed Heifer: 229.86
Daily Slaughter
Estimated at 124,000. 5,000 more than last week and 6,000 more than the same week last year.
Feeder Cattle Index
8/12/2022: 179.04
8/11/2022: 178.28
Technical Snapshot
Live Cattle
October live cattle held well early in the session but gave up ground as the day continued. The Pullback brought prices back into our pivot pocket from 142.75-143.75. In yesterday’s report we noted that “The Bulls have the technical advantage until we see a breakdown back below this pocket.”. A failure to defend this level in today’s session could lead to a retest of trendline support and three major moving averages. All of these indicators come in from 141.35-141.90. With so many indicators converging in one pocket, we are labeling this as a MUST HOLD level.
Resistance: 145.10-145.975****, 147.35-147.50**
Pivot: 142.75-143.75
Support: 141.35-141.90****, 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: 264.46, Up 1.09 from the previous day.
Select: 239.72, Up .13 from the previous day.
Choice/Select Spread: 24.74
5 Area Average Cattle Price
Live Steer: 144.39
Live Heifer: 143.70
Dressed Steer: 229.93
Dressed Heifer: 229.86
Daily Slaughter
Estimated at 124,000. 5,000 more than last week and 6,000 more than the same week last year.
Feeder Cattle Index
8/12/2022: 179.04
8/11/2022: 178.28
Technical Snapshot
Live Cattle
October live cattle held well early in the session but gave up ground as the day continued. The Pullback brought prices back into our pivot pocket from 142.75-143.75. In yesterday’s report we noted that “The Bulls have the technical advantage until we see a breakdown back below this pocket.”. A failure to defend this level in today’s session could lead to a retest of trendline support and three major moving averages. All of these indicators come in from 141.35-141.90. With so many indicators converging in one pocket, we are labeling this as a MUST HOLD level.
Resistance: 145.10-145.975****, 147.35-147.50**
Pivot: 142.75-143.75
Support: 141.35-141.90****, 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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