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Cattle Summary

Daily Cutout Values

• Choice: 301.98, Down 2.63 from the previous day.
• Select: 284.74, Down .03 from the previous day.
• Choice/Select Spread: 17.27

5 Area Average Cattle Price

• Live Steer: 174.13
• Live Heifer: 173.33
• Dressed Steer: 279.48
• Dressed Heifer: 278.20

Daily Slaughter

• Estimated at 126,000. Unchanged from last week, but up 3,000 from the same week last year.

Feeder Cattle Index

• 05/12/2023: 202.11
• 05/11/2023: 200.58

Commitment of Traders 

• Live Cattle: The most recent CoT report showed Managed Money holding a net long position of 95,279 futures/options contracts, down from 107,551 in the previous report.  
• Feeder Cattle: The most recent CoT report showed Managed Money holding a net long position of 12,366 futures/options, down from 14,587.

Live Cattle

Seasonal Trend in Play The next Seasonal Trend for live cattle is for the October contract and starts on May 25th.     Technicals (June - M) June live cattle futures traded on both sides of unchanged yesterday, but did little to change the technical landscape, keeping technical levels intact for today's trade.    Resistance:  165.75-166.275*** Pivot: 164.00-164.25  Support: 161.075-161.925***, 159.175-159.75***

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Feeder Cattle Seasonal Trend in Play:  None   Technicals (August-Q) August feeder cattle were able to stage an impressive rally yesterday, considering the corn market was trading sharply higher on the open.  The August contract is now just a stone's throw away from contract highs, 231.25-232.225.   Resistance: 231.25-232.225**** Pivot: 225.925-226.80 Support: 219.225-221.00****, 213.00-214.00**

Hogs Summary Daily Direct Hogs Plant Delivered (as of 1:30 PM CT) Carcass Base Price Range: N/A Weighted Average: N/A Change from Prior Day: N/A Head Count: 3,159 CME Lean Hog Index 5/11/2023: 75.91 5/10/2023: 75.40   Commitment of Traders Lean Hogs: The most recent CoT report showed Funds being net sellers of 10,847 futures/options contracts through 5/9/23, expanding their net short position to 17,670.

Lean Hogs

Seasonal Tend in Play December lean hog futures have trended higher from March 30th to June 10th for 12 out of the last 15 years.   Technicals (June - M) June lean hogs had a nice rally yesterday as they continue to attempt to carve out a low.  With that said, the Bulls are likely unenthused as they've seen multiple rally attempts fail over the last few months.  The market did make it to our pivot pocket, 86.15-87.15.  If the Bulls can chew through this area, we could see the market make a run back above 90.00.   Resistance: 92.75**, 94.15-95.00**** Pivot: 86.15-87.15 Support: 82.00*     Seasonal Tendencies Below is a look at seasonal tendencies over the 5, 10, 15, 20, and 30 year averages.  Historically, June lean hogs make a good attempt to carve out a low during this time of year.

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