• Oliver Sloup

Livestock Roundup

Live Cattle (August)


In last week’s reports, interviews, and videos, we talked about developing technical weakness on the chart. Live cattle futures had their lowest closing price since May 5th, officially filling the gap from May 7th. 95.10 has and is still the low end of our 4-star support pocket, a break and close below here could accelerate the selling pressure and take us down towards 92.525-93.675 in short order.


Commitment of Traders: Funds bought a net 3,182 contracts through June 9th, extending their net long position to 19,315 contracts.


Cattle on Feed report will be out Friday after the close, early estimates are as follows: On Feed: 98.4%, Placements: 94.6%, Marketings, 73.8%.


Resistance:

Support:

....Contact us for the FULL report!

Feeder Cattle (August)


The technical landscape for august feeder cattle has been weakening over the last week which keeps the door open for a retest of our support pocket from 127.25-128.45. Our pivot pocket comes in from 131.525-132.75, consecutive closes above this pocket would start to neutralize the recent bearish developments.


Resistance:

Support:

....Contact us for the FULL report!

Lean Hogs (July)


Lean hogs continued to bleed lower on Friday, closing at the lowest price since April 22nd. Our 3-star support pocket remain intact, we have had that defined as 51.325-51.625, a break and close below could take us to retest the contract lows of 49.00. The Bears remain in control until the Bulls can achieve consecutive closes back above 54.775-55.35.


Resistance:

Support:

....Contact us for the FULL report!



Reach out to learn more about our new Ag Trade Alerts program or Sign up for your FREE trial of our daily commodity reports!

Call/Text/Email, Oliver with any questions.

Oliver@BlueLineFutures.com and 312-837-3938

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.

0 views
Logo_desktop_2x.png

141 W. JACKSON BLVD., SUITE 2845

CHICAGO, IL 60604

INFO@BLUELINEFUTURES.COM

P: (312) 278-0500

F: (888) 370-2221

  • YouTube - White Circle
  • Facebook - White Circle
  • Twitter - White Circle
  • LinkedIn - White Circle

© 2020 by Blue Line Futures, LLC. All rights reserved.

Futures trading involves substantial risk of loss and may not be suitable for all investors.