Will Cattle Futures Rally to Meet the Cash Market?

Thursday’s Slaughter is estimated at 124,000. 2,000 more than last week, and 7,000 more than the same week last year.

Thursday’s Cutout Values
Choice: 264.00, Down .88 from the previous day.
Select: 240.57 Down .24 from the previous day.
Choice/Select Spread: 23.43

5 Area Average Cattle Price
Live Steer: 145.85
Live Heifer: 143.55
Dressed Steer: 234.01
Dressed Heifer: 233.98

Live Cattle
Technicals (August): August live cattle made new lows for the move in yesterday’s session but were able to recover and finish the last trading day of the month/quarter/half in positive territory. With the cash market remaining firm, some of the pressure may be attributed to technical selling and end of the month/quarter positioning. We remain optimistic that live cattle will be able to work back towards some of those key moving averages, north of 135.00.

Resistance: 134.85-135.25 ***, 135.975-136.60**, 138.75**, 140.275**
Pivot: 132.45-132.775
Support: 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.