Livestock Report

Ben DiCostanzo General Commentary Leave a Comment

Commentary

April Cattle futures traded lower on Thursday, February 20, 2020 trading past support at 119.15 to the session low at 118.975. It settled at 119.15. Resistance levels are at 120.70 and then 122.80. Support is at 117.80 and then 116.55. The cattle on feed report will be released after the close on Friday. Estimates are for cattle on feed at 102.3%, placements at 101.5% and marketed at 101.0%. Cash has traded this week from 117.00 to 120.50 on a live basis, with the bulk at 120.00. There have been some dressed trades at 190.00 and 191.00. Boxed Beef cutouts were lower on light to moderate demand and heavy offerings. Choice cutouts decreased 1.07 to 204.50 and select was down 0.16 to 201.60. The choice/ select spread narrowed to 2.90 and the load count was 177. Slaughter was estimated to be 122,000 and for the week so far is estimated at 474,000. Slaughter at this time last year was 439,000.

Trade Suggestion(s):
N/A today

Risk/Reward:
Futures –
Options –

For those interested I hold a weekly grain (with Sean Lusk) and livestock webinar on Thursdays and our next webinar will be on Friday, February 21st at 3:00 pm. It is free for anyone who wants to sign up and the link for sign up is below. If you cannot attend live a recording will be sent to your email upon completion of the webinar.

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**Call me for a free consultation for a marketing plan regarding your livestock needs.**

Ben DiCostanzo
Senior Market Strategist
Walsh Trading, Inc.
Direct: 312.957.4163
888.391.7894
Fax: 312.256.0109
dicostanzo@walshtrading.com
www.walshtrading.com

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