Livestock Roundup 11/17/22
Posted: Nov. 17, 2022, 9:25 a.m.
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Cattle SummaryDaily Cutout Values Choice: 257.09, Down 1.27 from the previous day. Select: 231.35, Down .41 from the previous day. Choice/Select Spread: 25.74 5 Area Average Cattle Price Live Steer: 152.17 Live Heifer: 152.00 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 11/15/2022: 174.98 11/14/2022: 175.18 Weekly Export Sales Beef: Net sales of 13,400 MT for 2022 Cattle on Feed Estimates On Feed: 98.3% Placements: 96.4% Marketings: 100.8% |
Live Cattle
December live cattle tested and held the low end of the range and our pivot point, again. A failure here could spark some long liquidation and neutralize our friendly bias. Though we remain optimistic on prices, we have been a little disappointed with the price action over the last few weeks.
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 consolidate yesterday. As mentioned in yesterday's report, the Bulls will want to see a close back above 177.70-178.825 to prevent a retest of the October lows, 174(ish). Our conviction level and bias on direction is up in the air on feeder cattle as we see making the argument to be bullish or bearish relatively equal.
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 are trying to chew through our resistance pocket from 86.05-86.75 but are struggling to get that "breakout". The market has been treading and holding support near the 100 and 200 day moving averages. The Bulls want to see these defended. A failure could take us back near the 83 handle.
Seasonal Trend in Play: December lean hogs have trended higher from November 9th to November 25th for 13 of the last 15 years.
For more information or ideas of how to trade this trend, contact our trade desk: 312-837-3938 or email Seasonals@BlueLineFutures.com
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