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What’s next for cattle prices?

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What’s next for cattle prices?

Jan 28, 2018

Cattle futures caught a bid during Friday’s session and didn’t look back. We were very surprised that we did not see any attempt at follow through pressure after yesterday afternoons meltdown. Cash trade was reported after the close at 126-127.

Friday’s Close:

April live cattle finished up 2.00 at 124.60, trading in a range of 3.075

March feeder cattle finished up 2.775 at 146.60, trading in range of 4.225

Friday’s Cattle on Feed report (often referred to as Cattle on Fade) is as follows

Cattle on Feed: 108

Range of Estimates: 107.2-108.1

Average Estimate:107.7

Placements: 101

Range of Estimates: 93.3-100.3

Average Estimates: 96.9

Marketing’s: 99

Range of Estimate: 97.9-100.3

Average Estimate: 98.6

Levels to watch for this week’s trade

Live Cattle (April)

Resistance: 125.175-125.45***, 127.20-127.35***, 130.10****

Support:122.025-122.55***, 120.20-120.625****, 117.90-118.55****

Bias: Neutral/Bearish

Feeder Cattle (March)

Resistance: 147.75-147.875****, 149.40-150.00***, 158.925****

Support: 143.15-143.80**, 142.10-142.60**, 139.85-140.125***, 138.30-138.75****

Bias: Neutral/Bearish

Lean Hogs (April)

Resistance: 76.225-76.40**, 77.25****, 78.50***

Support: 73.275-73.60****, 72.45-72.75**, 70.625-71.10****

Bias: Neutral/Bearish

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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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