Livestock Roundup 11/21/22
Posted: Nov. 21, 2022, 8:21 a.m.
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Cattle Summary Daily Cutout Values Choice: 254.87, Down 2.23 from the previous day. Select: 232.83, Up 1.09 from the previous day. Choice/Select Spread: 22.04 5 Area Average Cattle Price Live Steer: 152.68 Live Heifer: 152.16 Dressed Steer: 241.79 Dressed Heifer: 241.85 Daily Slaughter Estimated at 125,000. 5,000 more than last week and 3,000 more than the same week last year. Feeder Cattle Index 11/17/2022: 175.36 10/20/2022: 175.39 Cattle on Feed On Feed: 98% Placements: 93.9% Marketings: 100.6% |
Live Cattle
Friday's Commitments of Traders report showed Managed Money were net sellers of 10,475 futures/options contracts through November 15th, trimming their net long position to 49,704 contracts, historically a modest position.
December live cattle futures tested the upper end of the November range on Friday, that comes in at 153.425. If the Bulls can chew through this level, we could see an extension and retest of the contract highs from October 24th/25th, 154.20-154.25. As mentioned in Friday's interview with AgDay, we like looking at protecting price against the upper end of this range, especially headed into a seasonally weak time of year for the February contract.
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 salvage the week, rallying back into positive territory for the week on Thursday and Friday. That puts prices within a stones throw of the 200-day moving average, 181.725. The price action in the corn market may be an influence on futures this week, don't confuse that with us suggesting it will be a 1 to 1 correlation.
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 have been a stick in the mud for the last two weeks as they appear to be trapped near the 100 and 200 day moving averages. This does little to change the technical landscape. The February contract has been more constructive, but it did fail against trendline resistance for the 4th time in four months on Thursday, that comes in from 91.35-91.80.
Seasonal Trend in Play: December lean hogs have trended higher from November 9th to November 25th for 13 of the last 15 years.
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