Livestock Roundup 12/08/22
Posted: Dec. 8, 2022, 8:09 a.m.
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Cattle SummaryDaily Cutout Values Choice: 248.96, Up 6.31 from the previous day. Select: 219.77, Up .63 from the previous day. Choice/Select Spread: 29.19 5 Area Average Cattle Price Live Steer: 155.07 Live Heifer: 153.00 Dressed Steer: 247.00 Dressed Heifer: 246.48 Daily Slaughter Estimated at 127,000. 1,000 less than last week but 7,000 more than the same week last year. Feeder Cattle Index 12/06/2022: 179.02 12/05/2022: 178.53 |
Live Cattle (February)
Managed Money Position: 58,745 (Updated with the weekly CoT Report)
Seasonal Trend in Play: February live cattle have pulled back from November 27th to December 9th for 14 of the last 15 years, with the average pullback being roughly 3.00.
Coming Soon: A bullish seasonal for April live cattle that has played out for 15 years straight starts tomorrow! If you didn't receive the writeup we sent last night, please let us know and we will forward it to you.
Techncials: February live cattle saw some follow through selling early in yesterday's session, but was supported by our trendline support pocket and the 200-day moving average. If you've been trading with the short seasonal trend, you may consider the last two days a gift and an opportunity to reset ahead of the Bullish seasonal trend that starts tomorrow, for April futures.
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Feeder Cattle (January)
Managed Money Position: -8,620 (Updated with the weekly CoT Report)
Seasonal Trend in Play: January feeder cattle have pulled back from November 29th to December 9th for 14 of the last 15 years, with the average pullback being roughly 3.00.
Technicals: January feeder cattle futures closed lower yesterday, but spent the session trapped within the previous day's range, this is referred to as an inside day. If the grain markets continue to find relief through today's session, that could keep a lid on feeders. First support remains intact from 180.00-180.20.
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Lean Hogs (February)
Managed Money Position: 38,818 (Updated with the weekly CoT Report)
Seasonal Trend in Play: A bullish seasonal trend for August lean hogs goes from December 6th to January 18th. This has played out for 12 of the last 15 years.
Technicals: February lean hogs pulled back to our 4-star support pocket yesterday, clipping below it intraday, but closing right at it, 86.40-86.625. The Bulls want to defend this pocket to prevent additional long liquidation. The next support pocket comes in from 83.725-84.025.
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