Buy The Dip or Sell The Rip?
Oliver Sloup of Blue Line Futures - - Mon Aug 19, 3:52PM CDT

Live Cattle (October)

Cattle futures started todays session on a mission but failed to sustain that momentum into the afternoon session. As mentioned in our weekend report, the lack of enthusiasm after a hard break is a caution flag. We would like to be buyers with clients but believe that we will have a better opportunity in the future. For the October contract, the bulls want to defend 97.775, contract lows from Friday. On the resistance side of things, the bulls need to see consecutive closes out above last Tuesdays high of 100.925. Cash trade last week cam in from 105-107, early expectations are for another 1-2 lower this week.

Resistance: 100.60-101.00****, 103.75-104.85***

Support: 97.775-98.10****

PM Boxed Beef / Choice / Select

Current Cutout Values: / 239.13 / 214.52

Change from prior day: / .44 / 1.26

Choice/Select spread: / 24.61

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