Daily Livestock Charts, Technical Levels, and Fundamentals (6.29.22)

Tuesday’s Slaughter is estimated at 126,000. Unchanged from last week and 5,000 more than the same week last year.

Tuesday’s Cutout Values

Choice: 267.14, Down 1.54 from the previous day.

Select: 243.31, Down 1.93 from the previous day.

Choice/Select Spread: 23.44

5 Area Average Cattle Price

Live Steer: 137.00

Live Heifer: 147.20

Dressed Steer: N/A

Dressed Heifer: N/A

Live Cattle

Technicals (August): August live cattle were lower on the session, closing at the lowest price since May 31st. Yesterday’s close was right in our first support pocket, 132.45-132.775. IF the Bulls fail to defend this pocket on a closing basis, we cannot rule out a further breakdown and retest of the May 31st low, 129.975. Though we remain optimistic, yesterday’s down day is just another notch on the belt for a market that hasn’t been able to get anything going for some time now. Th

Resistance: 134.85-135.25 ***, 135.975-136.60**, 138.75**, 140.275**

Support: 132.45-132.775**, 129.975-130.725****

Feeder Cattle

Technicals (August): August feeder cattle futures broke below trendline support yesterday, which took prices into our 4-star support pocket, 171.45-172.40. All else held equal, this is a MUST HOLD pocket for the Bulls, a break and close below could open the door for a drop into the mid-160’s. We say “all else held equal” because tomorrow’s USDA report may have a big impact on price action that could negate short term technical.

Resistance: 175.50-176.125**, 176.80-177.075***

Pivot: 173.75-174.02

Support: 171.45 -172.40****, 169.40**, 167.325**

Lean Hogs

The quarterly Hogs and Pigs report will be out after the close. Estimates are:

• All hogs and pigs - 99.0%
• Breeding herd - 98.9%
• Market hogs - 99.0%

Technicals (August): Lean hog futures broke lower yesterday, trading into 4-star support from 103.00-103.95. This pocket represents trendline support and the 200day moving average. A failure here could take futures back near or below 100.00. On the resistance side of things, there’s not a lot until the 50-day moving average, today that comes in at 108.125.

Resistance: 108.125**, 109.45***, 110.075-110.225**, 111.30***

Support: 103.00-103.95****, 101.30-101.60**, 97.375-98.00****

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