Livestock Roundup 10/27/22
Posted: Oct. 27, 2022, 9:20 a.m.
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Cattle Summary
Daily Cutout Values
Choice: 260.86, Down .57 from the previous day.
Select: 228.6, Up 1.25 from the previous day.
Choice/Select Spread: 32.26
5 Area Average Cattle Price
Live Steer: N/A
Live Heifer: 151.00
Dressed Steer: N/A
Dressed Heifer: N/A
Daily Slaughter
Estimated at 129,000. Up 2,000 from last week and 7,000 more than the same week last year.
Feeder Cattle Index
10/21/2022: 174.96
10/20/2022: 174.85
Export Sales
Beef: Net sales of 14,100 MT for 2022
Live Cattle
December live cattle futures saw more profit takin gout of the gate yesterday but were able to recover and finish the session in positive territory. The lack of a pullback after such a strong run should be encouraging for the Bull camp. With that said, we are a little skeptical that the market can continue much higher in the very near term.
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 were lower early on but roared back to finish in the black, recovering roughly half of the losses from Tuesday's session. The Bulls want to get out above resistance from 182.43-182.825 to encourage a bigger move higher. Corn is trying to firm this morning which may be an added headwind.
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Hogs SummaryDaily Direct Hogs Plant Delivered (as of 1:30 PM CT) Carcass Base Price Range: 85.00-104.00 Weighted Average: 98.98 Change from Prior Day: 2.21 Head Count: 26,358 Daily Hog Slaughter 491,000. Unchanged from week but 7,000 from last year. Export Sales Pork: Net sales of 20,300 MT for 2022 |
Lean Hogs
Hogs were two sided yesterday but spent much of the afternoon at the lower end of the day's range. Resistance remains intact from 89.25-89.80. A breakout and close above this pocket could spark another rally. With that said, we like the risk/reward to the sell-side, during what is typically a bearish time of year.
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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