Livestock Roundup 11/01/22
Posted: Nov. 1, 2022, 8:44 a.m.
Cattle Summary
Daily Cutout Values
Choice: 263.65, Up .39 from the previous day.
Select: 234.46, Down 29.19 from the previous day.
Choice/Select Spread: 32.31
5 Area Average Cattle Price
Live Steer: 151.95
Live Heifer: 152.12
Dressed Steer: 239.85
Dressed Heifer: 239.73
Daily Slaughter
Estimated at 128,000. 2,000 more than last week and 7,000 more than the same week last year.
Feeder Cattle Index
10/28/2022: 177.48
10/27/2022: 175.85
Live Cattle
December live cattle retraced to our pivot pocket yesterday, 151.60-152.375 but was able to defend it into the close, keeping the Bulls in control of the technical landscape. A break and close below the pivot pocket could spark additional long liquidation from the funds.
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 pulled back to 4-stary support yesterday, 178.825-179.225, taking out the low end of it, but closing back above the top end of it, which keeps it mostly intact. The Bulls will want to defend this pocket, a failure to do so could trigger additional selling, potentially opening the door for a retest of the recent lows.
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Hogs SummaryDaily Direct Hogs Plant Delivered (as of 1:30 PM CT) Carcass Base Price Range: 84.00-95.00 Weighted Average: 88.34 Change from Prior Day: -2.20 Head Count: 4,522 Daily Hog Slaughter 491,000. 8,000 more than last week and 17,000 more than last year. |
Lean Hogs
Lean hogs tested the low end of the recent range which aligns with the 100 and 200-day moving average. This also represents our 3-star support level. A failure to defend this area could trigger another wave of long liquidation, with little support until the 80.825-81.525.
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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