Livestock Roundup 11/08/22
Posted: Nov. 8, 2022, 8:44 a.m.
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Cattle Summary
Daily Cutout Values
Choice: 264.55, Up .80 from the previous day.
Select: 235.92 Up 4.02 from the previous day.
Choice/Select Spread: 28.63
5 Area Average Cattle Price
Live Steer: 151.98
Live Heifer: 152.15
Dressed Steer: 241.90
Dressed Heifer: 241.61
Daily Slaughter
Estimated at 123,000. 5,000 less than last week but 8,000 more than the same week last year.
Feeder Cattle Index
11/04/2022: 176.91
11/03/2022: 176.99
Live Cattle
Live cattle futures were able to get some meaningful traction yesterday, which keeps the door open for a potential retest of the contract highs, 154.20-154.25. If outside markets continue to stabilize, that could continue to offer support to cattle futures.
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
Chop. Chop. That's been the name of the game recently in feeder cattle futures. We don't have a lot of conviction on either side, but if corn were to breakdown, we would think that could be supportive to feeders, with little resistance until 182.435-182.925.
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
December lean hogs were able to chew through resistance from 86.05-86.75. If the Bulls can defend yesterday's strength and that pocket, we could see an extension towards the upper end of the range, 89.25-89.80.
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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