Livestock Roundup 11/11/22
Posted: Nov. 11, 2022, 8:57 a.m.
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Oliver Sloup shared some of the fundamental headlines that may be moving the cattle market, in his weekly commentary for CME Group. |
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Cattle Summary
Daily Cutout Values
Choice: 263.27, Down 1.40 from the previous day.
Select: 236.83, Up 1.61 from the previous day.
Choice/Select Spread: 26.44
5 Area Average Cattle Price
Live Steer: 151.86
Live Heifer: 151.53
Dressed Steer: 241.12
Dressed Heifer: 242.00
Daily Slaughter
Estimated at 129,000. 1,000 more than last week and 13,000 more than the same week last year.
Feeder Cattle Index
11/09/2022: 175.51
11/08/2022: 176.30
Live Cattle
Today is the last day of the bullish April live cattle seasonal. Baring a technical failure, that seasonal will make it 14 out of the last 16 years that it has played out. The next seasonal starts at the end of the month and will be for February futures. We remain upbeat on live cattle futures, especially if we continue to see the outside markets build a longer term low.
Seasonal Trend in Play (Last Day): 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 had been coiling, building up energy for a bigger directional move. That move yesterday was to the upside, with some help from a corn market that made multi-month lows. Resistance comes in from 182.435-182.825. The Bulls need to achieve consecutive closes above this pocket to encourage a bigger rally.
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 mixed in yesterday's session as they continue to linger near the 100 and 200 day moving average, 84.60-85.17
Coming Soon: Seasonal Trend Alert for December Lean Hogs that starts on November 9th. Contact us for more information. We like leaning on the Bullish side, but the conviction isn't super high.
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