Daily Live Cattle Fundamental and Technical Outlook (6.16.22)
Wednesday's Slaughter is estimated at 126,000. Unchanged from last week, but 5,000 more than the same week last year.
Wednesday's Cutout Values
Choice: 268.22, Down 1.22 from the previous day.
Select245.68, Down 1.14 from the previous day.
Choice/Select Spread: 22.54
5 Area Average Cattle Price
Live Steer: 143.81
Live Heifer: 142.99
Dressed Steer: 229.10
Dressed Heifer: 229.65
Outside Markets as of 6:00 AM
Dow Jones -571 points or 1.86%
S&P 500 -85 points or 2.20%
Live Cattle
Technicals (August): August live cattle gaped higher on the open as the outside markets showed signs of live. The move higher filled the Monday morning gap and then some. The market finished the session a hair above the upper end of our resistance pocket, 136.625. If the Bulls can continue to defend this, we could see a move back above last week’s highs, 137.90-137.95. Above that pocket and we likely extend into the giant gap from April 25th, 138.75-140.275. On the support side of things, 134.85-135.35 is the pocket the Bulls will want to defend.
Resistance: 137.90-137.95**, 138.75**, 140.275**
Pivot: 136.60
Support: 134.85-135.35***, 132.45-132.775**, 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: 268.22, Down 1.22 from the previous day.
Select245.68, Down 1.14 from the previous day.
Choice/Select Spread: 22.54
5 Area Average Cattle Price
Live Steer: 143.81
Live Heifer: 142.99
Dressed Steer: 229.10
Dressed Heifer: 229.65
Outside Markets as of 6:00 AM
Dow Jones -571 points or 1.86%
S&P 500 -85 points or 2.20%
Live Cattle
Technicals (August): August live cattle gaped higher on the open as the outside markets showed signs of live. The move higher filled the Monday morning gap and then some. The market finished the session a hair above the upper end of our resistance pocket, 136.625. If the Bulls can continue to defend this, we could see a move back above last week’s highs, 137.90-137.95. Above that pocket and we likely extend into the giant gap from April 25th, 138.75-140.275. On the support side of things, 134.85-135.35 is the pocket the Bulls will want to defend.
Resistance: 137.90-137.95**, 138.75**, 140.275**
Pivot: 136.60
Support: 134.85-135.35***, 132.45-132.775**, 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.
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