Livestock Roundup 9/27/22
Posted: Sept. 27, 2022, 7:34 a.m.
Cattle Summary
Daily Cutout Values
Choice: 247.84, Down .79 from the previous day.
Select: 223.35, Up 4.04 from the previous day.
Choice/Select Spread: 24.49
5 Area Average Cattle Price
Live Steer: 144.94
Live Heifer: 144.17
Dressed Steer: 228.99
Dressed Heifer: 229.67
Daily Slaughter
Estimated at 125,000. 2,000 less than last week, but 6,000 more than the same week last year.
Feeder Cattle Index
9/23/2022: 178.71
9/22/2022: 180.15
Technical Snapshot
Live Cattle
December live cattle broke lower yesterday, finally catching up to the risk-off "panic" we've seen in some of the outside markets. The market found support near our 4-star level, 146.70, and was able to rebound to finish the day near the 200-day moving averages. The RSI is not "oversold", but it is at the lowest level since May. Outside markets are stabilizing today, if that holds through the day, that could help cattle find their footing too.
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Feeder Cattle
Feeder cattle futures tested and held 3-star support yesterday, we've had that defined as 175.875-176.25. The RSI is at its lowest level since marking a low in May, which may help the market stabilize and consolidate in the near term. If support continues to hold, a relief rally back near 180 is not out of the question.
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Hogs Summary
Daily Direct Hogs Plant Delivered (as of 1:30 PM CT)
Carcass Base Price
Range: 82.00-100.00
Weighted Average: 91.88
Change from Prior Day: 5.54
Head Count: 8,882
Daily Hog Slaughter
484,000. Up 6,000 from last week and 10,000 from last year.
Technical Snapshot
Lean Hogs
Lean hogs broke below nearly all lines of defense over the last week, taking prices to their lowest levels since January. This brought the RSI closer to "oversold", how it isn't oversold is actually surprising considering we are about $10 lower in 4 days. Our bias on this has been long and wrong.
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