Cattle Consolidate Ahead of USDA Report
Wednesday’s Slaughter is estimated at 124,000. 2,000 less than last week, but 6,000 more than the same week last year.
Wednesday’s Cutout Values
Choice: 270.53, Down 2.04 from the previous day.
Select: 242.25, Down 1.48 from the previous day.
Choice/Select Spread: 28.28
5 Area Average Cattle Price
Live Steer:136.59
Live Heifer: 136.56
Dressed Steer: 227.60
Dressed Heifer: 228.00
Cattle on Feed Estimates (Report out tomorrow after the close)
On-Feed: 99.8%
Placed: 94.3%
Marketings: 102%
Live Cattle
Technicals (August): The technical landscape remains unchanged as the market continues to consolidate and linger near the 100 and 200 day moving averages (135.60 and 135.70). The August contract is starting to run against the shot clock so we will start covering the October contract starting next week.
Resistance: 137.95-138.75***, 140.275**, 141.625-141.825****
Pivot: 135.575-135.725
Support: 134.20**, 132.775-133.30***, 129.975-130.725****
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.
Wednesday’s Cutout Values
Choice: 270.53, Down 2.04 from the previous day.
Select: 242.25, Down 1.48 from the previous day.
Choice/Select Spread: 28.28
5 Area Average Cattle Price
Live Steer:136.59
Live Heifer: 136.56
Dressed Steer: 227.60
Dressed Heifer: 228.00
Cattle on Feed Estimates (Report out tomorrow after the close)
On-Feed: 99.8%
Placed: 94.3%
Marketings: 102%
Live Cattle
Technicals (August): The technical landscape remains unchanged as the market continues to consolidate and linger near the 100 and 200 day moving averages (135.60 and 135.70). The August contract is starting to run against the shot clock so we will start covering the October contract starting next week.
Resistance: 137.95-138.75***, 140.275**, 141.625-141.825****
Pivot: 135.575-135.725
Support: 134.20**, 132.775-133.30***, 129.975-130.725****
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.