Livestock Roundup 10/04/22
Posted: Oct. 4, 2022, 8:21 a.m.
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Cattle Summary
Daily Cutout Values
Choice: 245.94, Up 2.19 from the previous day.
Select: 221.31, Up 1.18 from the previous day.
Choice/Select Spread: 26.63
5 Area Average Cattle Price
Live Steer: 144.78
Live Heifer: 144.18
Dressed Steer: 229.17
Dressed Heifer: 228.98
Daily Slaughter
Estimated at 127,000. 2,000 more than last week and 7,000 more than the same week last year.
Feeder Cattle Index
9/30/2022: 175.44
9/29/2022: 175.46
Technical Snapshot
Live Cattle
Live cattle futures were able to rally yesterday, trading and closing into our pivot pocket, 147.75-148.325. If the Bulls can find some follow-through momentum, we could see the relief rally extend towards the 50-day moving average and breakdown point from September 22nd, 149.575-150.00.
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Feeder Cattle
Feeder cattle futures were able to stabilize yesterday as they attempt to carve out a low. The Bulls need to see a conviction close back above 177.55-177.75 to feel more comfortable holding long positions. If the market can chew through that pocket, we could see a retest of the 100 and 200 day moving averages: 181.80 and 182.325. This area also coincides with previously important price points.
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Hogs Summary
Daily Direct Hogs Plant Delivered (as of 1:30 PM CT)
Carcass Base Price
Range: 79.00-97.50
Weighted Average: 82.60
Change from Prior Day: -2.48
Head Count: 3,333
Daily Hog Slaughter
472,000. Down 12,000 from last week, but 7,000 more than last year.
Technical Snapshot
Lean Hogs
December lean hogs were able to stage a rally yesterday, closing towards the upper end of the day's range. Our pivot point at 78.40 was tested almost to a T and held. The Bulls need to get out above here and close above here to encourage a move back above 80.00.
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