The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
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The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
Commodity markets and the information that moves them is constantly changing making it almost impossible to keep up. The Blue Line Express is a valuable resource written by, Blue Line Futures, for hedgers and traders that provides the latest and most pertinent news and technical analysis. Take one stop on the Blue Line Express for daily fundamental and technical analysis so you can make better informed decisions.
Last Trades:
LEQ8: 1.625 at 109.675, trading in a range of 1.925
LEV8: .90 at 111.225, trading in a range of 1.675
GFQ8: .225 at 152.975, trading in a range of 1.275
GFU8: UNCH at 153.525, trading in a range of 1.30
Cattle Commentary: Cattle futures tried to roll over mid-morning, but the bears could not break through our technical support pocket which we have defined as 107.55-107.775 in previous reports (see full technical breakdown below). New news was hard to come by today, early bids at 110 continue to be ignored with offers resting at 115 as we head into the back half of the week. This would lead us to believe steady cash is in the cards. The only action in today’s Fed Cattle Exchange was at 111, which was eventually passed on; there were 0/1,249 head sold. We continue to welcome a pull back, for clients who want to play the short side, we are using the December and October contract.
PM Boxed Beef / Choice / Select
Current Cutout Values: / 204.65 / 197.95
Change from prior day: / (.17) / (.08)
Choice/Select spread: / 6.70
Live Cattle (August)
August live cattle tested and held our support pocket from 107.55-107.775 for the second consecutive session. The inability for the market to breakdown led to short covering which gave the all clear for new buyers to step in. The market now looks poised for a test of....Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and actionable bias and levels.
Feeder Cattle (August)
August feeder cattle marked lower highs and lower highs for the fourth consecutive session but finished the day near unchanged, a level we defined in yesterday’s report as “no mans land”. Significant resistance comes in from 150.50-155.975, this pocket represents the February highs. On the support side, we see....Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and actionable bias and levels.
Lean Hog Commentary and Technicals (August)
August lean hogs finished positive!!!! For the first time in two weeks, August lean hogs finished green, finishing the day up .675 at 66.225, trading in a range of 1.175. The positive close is a sigh of relief for the bulls but is a pathetic print after an enormous wave of selling. We have been very happy watching this from the sidelines, we may start fishing to the buy side. If you want to be long this market, consider using call options, a tool that gives you great exposure with limited risk. We would recommend.....Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and actionable bias and levels.
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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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