The December Lean Hogs made a new low for the down move. It traded past the October 8th low (63.075) to 62.925. It settled at 63.30. A break down below the low could see price test support at 61.80. A recovery from settlement could see price retest resistance at 64.80. The Lean Hog index ticke higher and is at 60.29 as of 11/07/2019. The Pork Cutout Index rose and is at 80.42 as of 11/08/2019.
December Live Cattle continued trading around the 119.15 key level. The low 118.825 and the high 119.95. Settlement was near the high at 119.875. A rally above the high could see resistance tested at 120.75. A pullback from settlement could see support at 119.15 tested and then 117.80. Support then comes in at 116.55.
January Feeder Cattle made a new high for the up move at 147.45. It settled at 147.125. It is right at the 147.30 key level. A failure from settlement could see price test support at 146.20 and then 14.05. If settlement holds a test of resistance at 148.40 is possible. The Feeder Cattle Index rose and is at 146.52 as of 11/08/2019.
For those interested I hold a weekly grain (with Sean Lusk) and livestock webinar on Friday, November 15th 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.
**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,
www.walshtrading.com
RISK DISCLOSURE: THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES AND OPTIONS TRADING. THIS REPORT IS A SOLICITATION FOR ENTERING A DERIVATIVES TRANSACTION AND ALL TRANSACTIONS INCLUDE A SUBSTANTIAL RISK OF LOSS. THE USE OF A STOP-LOSS ORDER MAY NOT NECESSARILY LIMIT YOUR LOSS TO THE INTENDED AMOUNT. WHILE CURRENT EVENTS, MARKET ANNOUNCEMENTS AND SEASONAL FACTORS ARE TYPICALLY BUILT INTO FUTURES PRICES, A MOVEMENT IN THE CASH MARKET WOULD NOT NECESSARILY MOVE IN TANDEM WITH THE RELATED FUTURES AND OPTIONS CONTRACTS.