Daily Live Cattle Fundamental and Technical Outlook (6.12.22)
Tuesday’s Slaughter is estimated at 122,000. 4,000 less than last week, but unchanged from the same week last year.
Tuesday’s Cutout Values
Choice: 269.44, Down 1.10 from the previous day.
Select: 246.82, Down .63 from the previous day.
Choice/Select Spread: 22.62
5 Area Average Cattle Price
Live Steer: 141.72
Live Heifer: 143.00
Dressed Steer: 225.58
Dressed Heifer: 226.00
Live Cattle
Technicals (August): Tuesday was mostly a nothing burger, with futures trading on both sides of unchanged, only to finish the session near unchanged. As mentioned in yesterday’s report, the outside markets will be the driver, ahead of today’s Federal Reserve announcement. The market is pricing in a .75% rate hike. The announcement will be at 1:00pm CT and a press conference at 1:30pm CT will follow.
Resistance: 136.025-136.625***, 137.90-137.95**, 138.75**, 140.275**
Pivot: 135.10-135.475
Support: 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.
Tuesday’s Cutout Values
Choice: 269.44, Down 1.10 from the previous day.
Select: 246.82, Down .63 from the previous day.
Choice/Select Spread: 22.62
5 Area Average Cattle Price
Live Steer: 141.72
Live Heifer: 143.00
Dressed Steer: 225.58
Dressed Heifer: 226.00
Live Cattle
Technicals (August): Tuesday was mostly a nothing burger, with futures trading on both sides of unchanged, only to finish the session near unchanged. As mentioned in yesterday’s report, the outside markets will be the driver, ahead of today’s Federal Reserve announcement. The market is pricing in a .75% rate hike. The announcement will be at 1:00pm CT and a press conference at 1:30pm CT will follow.
Resistance: 136.025-136.625***, 137.90-137.95**, 138.75**, 140.275**
Pivot: 135.10-135.475
Support: 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.