Livestock Roundup 10/03/22
Posted: Oct. 3, 2022, 8:30 a.m.
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Cattle Summary
Daily Cutout Values
Choice: 243.75, Down 2.33 from the previous day.
Select: 220.13, Up .35 from the previous day.
Choice/Select Spread: 23.62
5 Area Average Cattle Price
Live Steer: 144.66
Live Heifer: 144.12
Dressed Steer: 229.12
Dressed Heifer: 228.98
Daily Slaughter
Estimated at 115,000.10,000 less than last week and 6,000 less than the same week last year.
Feeder Cattle Index
9/29/2022: 175.46
9/28/2022: 175.94
Technical Snapshot
Live Cattle
December live cattle futures rallied back into our pivot pocket on Friday, we defined that as 147.75-148.325 (this pocket was previous support). If the Bulls can chew through this pocket, we could see the relief rally extend prices near 150. A failure could lead to consolidation in the near term, assuming outside markets and cash prices don't crumble.
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Feeder Cattle
November feeder cattle had a nice rally on Thursday but gave it all back on Friday following a bullish corn report. If the market takes out and closes below last week's low, we could see the selling accelerate even more. The Bulls need to achieve a close back above 177.55-177.75 to neutralize the bearish landscape.
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Hogs Summary
Daily Direct Hogs Plant Delivered (as of 1:30 PM CT)
Carcass Base Price
Range: 80.00-95.50
Weighted Average: 85.08
Change from Prior Day: -3.27
Head Count: 3,016
Daily Hog Slaughter
467,000. Down 8,000 from last week and 1,000 from last year.
Technical Snapshot
Lean Hogs
December lean hogs tried to recover some losses last week but couldn't get much going, relative to the waterfall lower that we saw in prices. Perhaps a new month and quarter will encourage some bargain buyers back into the market.
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