Livestock Roundup 11/03/22
Posted: Nov. 3, 2022, 8:37 a.m.
Cattle Summary
Daily Cutout Values
Choice: 257.92, Up .84 from the previous day.
Select: 233.16 Up .43 from the previous day.
Choice/Select Spread: 30.31
5 Area Average Cattle Price
Live Steer: 152.89
Live Heifer: 150.00
Dressed Steer: N/A
Dressed Heifer: N/A
Daily Slaughter
Estimated at 129,000. Unchanged from last week but 7,000 more than the same week last year.
Feeder Cattle Index
11/01/2022: 177.29
10/31/2022: 176.97
Weekly Export Sales: Beef net sales of 9,200 MT for 2022
Live Cattle
December live cattle pulled back near our support pocket from 149.575-150.00. We are viewing the pullback to this pocket as a buying opportunity but are a little nervous about the weakness in the outside markets spilling into commodity markets. A break and close below support could trigger additional long liquidation.
Seasonal Trend in Play: April live cattle have been higher from October 5th-November 11th for 13 of the last 15 years.
Coming Soon: Seasonal Trend Alert for February Live Cattle that starts on November 27th. Contact us for more information.
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Feeder Cattle
January feeder cattle were able to rally yesterday, thanks in part to a softer grain market. That rally took prices back into our pivot pocket, 180.425-180.925. The Bulls want to see a close back above this pocket to encourage a move back above 182. With grains softer, it may provide some traction right out of the gate.
Coming Soon: Seasonal Trend Alert for January Feeder Cattle that starts on November 27th. Contact us for more information.
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Hogs Summary
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Lean Hogs
In yesterday's report we noted that a break below the 100 and 200 day moving average could spark another leg lower. That is precisely what we got yesterday. There is minor support at the 50-day moving average which comes in at 83.125. The more significant support pocket comes in closer to 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.
Coming Soon: Seasonal Trend Alert for December Lean Hogs that starts on November 9th. Contact us for more information.
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