Livestock Roundup 9/28/22
Posted: Sept. 28, 2022, 8:22 a.m.
Cattle Summary
Daily Cutout Values
Choice: 248.43, Up .59 from the previous day.
Select: 221.21, Down 2.14 from the previous day.
Choice/Select Spread: 27.22
5 Area Average Cattle Price
Live Steer: N/A
Live Heifer: N/A
Dressed Steer: N/A
Dressed Heifer: N/A
Daily Slaughter
Estimated at 128,000. Unchanged from last week and 9,000 more than the same week last year.
Feeder Cattle Index
9/26/2022: 177.82
9/23/2022: 178.72
Technical Snapshot
Live Cattle
Live cattle futures traded down into 4-star support again but were able to defend it on a closing basis, keeping that pocket intact from 146.50-146.70. We've had a bearish bias for the better part of the last month, largely on the back of concerns on the outside markets. It took live cattle a while to catch up, but the finally did. With that said, the market appears overextended in the near term, which may be enough to help the market may find some near-term relief. If the Bulls can chew through our pivot pocket from 147.75-148.325, we could see a relief rally take us back above 150.
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Feeder Cattle
Feeder cattle made new lows for the move, taking prices deeper into oversold territory. The Bulls need to achieve a close back above 177.55-177.75 to encourage a relief rally back towards 180+. The 100 and 200 day moving average come in at 181.98-182.38.
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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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