Livestock Roundup 10/26/22
Posted: Oct. 26, 2022, 9:19 a.m.
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Cattle Summary Daily Cutout Values Choice: 261.43, Up 3.51 from the previous day. Select: 227.35, Up 1.74 from the previous day. Choice/Select Spread: 34.08 5 Area Average Cattle Price Live Steer: 151.00 Live Heifer: N/A Dressed Steer: N/A Dressed Heifer: N/A Daily Slaughter Estimated at 129,000. 1,000 more than last week and 5,000 more than the same week last year. Feeder Cattle Index 10/24/2022: 174.85 10/21/2022: 173.62 |
Live Cattle
December live cattle futures poked their head out above Friday's highs, but couldn't get much more going than that, which led to a light round of profit-taking. The RSI is back below 70, which is the line in the sand for being "overbought". Previous resistance is now support, that comes in from 151.60-152.375. On the resistance side, a move above 154.20-154.25 puts us back in uncharted territory.
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
January feeder cattle failed to get out above resistance yesterday, which we labeled as 182.425-182.825. The market retreated back near our pivot pocket, 180.425-180.925. A failure to defend this pocket in today's session could trigger a deeper correction.
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Hogs SummaryDaily Direct Hogs Plant Delivered (as of 1:30 PM CT) Carcass Base Price Range: 85.00-102.00 Weighted Average: 96.77 Change from Prior Day: 7.59 Head Count: 16,836 Daily Hog Slaughter 491,000. Unchanged from week but 8,000 from last year. |
Lean Hogs
December lean hogs traded on both sides of unchanged in yesterday's session. The lack of a pullback after such a strong rally is impressive. Previous resistance acts as support/our pivot pocket, that comes in from 86.05-86.75. A break back below here could spark additional profit taking from the run higher.
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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