Livestock Roundup 10/20/22
Posted: Oct. 20, 2022, 9:10 a.m.
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Cattle Summary
Daily Cutout Values
Choice: 253.39, Up 2.61 from the previous day.
Select: 222.19, Up .91 from the previous day.
Choice/Select Spread: 31.20
5 Area Average Cattle Price
Live Steer: 150.05
Live Heifer: 150.00
Dressed Steer: 232.00
Dressed Heifer: 232.00
Daily Slaughter
Estimated at 127,000. 1,000 less than last week but 4,000 more than the same week last year.
Feeder Cattle Index
10/18/2022: 172.03
10/17/2022: 172.27
Weekly Export Sales
Beef: Net sales of 16,600 MT for 2022
Cattle on Feed Estimates
On Feed: 99.1%
Placed: 96.3%
Marketed: 104%
Technical Snapshot
Live Cattle
December live cattle futures continued to surge higher yesterday on the back of a strong cash trade that spurred technical buying. 4-star resistance remains intact, that comes in from 151.60-151.775. Just above that is the contract highs, 152.225-152.375. We are combining this into one significant resistance pocket. A breakout above here and we are in uncharted territory, which makes it difficult to find meaningful resistance points, but we will do our best.
Seasonal Trend in Play: April live cattle have been higher from October 5th-November 11th for 13 of the last 15 years.
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Feeder Cattle
Feeder cattle futures were two-sided in yesterday's trade as the market struggled to get out above resistance with any sort of conviction, the upper end of that resistance pocket jumps from 178.35 to 178.675 in this morning's report. If the Bulls can chew through this pocket, there's not a lot of significant resistance until you get closer to 182.
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Hogs Summary
Daily Direct Hogs Plant Delivered (as of 1:30 PM CT)
Carcass Base Price
Range: 83.00-104.00
Weighted Average: 97.52
Change from Prior Day: 3.67
Head Count: 19,709
Daily Hog Slaughter
491,000. Unchanged from last week but 12,000 more than last year.
Weekly Export Sales
Pork: Net sales of 40,800 MT for 2022
Technical Snapshot
Lean Hogs
Lean hogs continued to climb higher yesterday, adding to their incredibly impressive week. The market is overbought on the short term. We are also up against some big technical resistance levels and in a seasonally weak time of year. For those reasons, we like fading the strength at these levels. The "tap out" point would be a break and close above our next resistance pocket, 88.725-89.075.
Seasonal Trend in Play: December lean hogs have been lower from October 15th-November 6th for 12 of the last 15 years.
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