Daily Livestock Commentary (5.19.22)

Wednesday’s Slaughter is estimated at 125,000, Unchanged from last week, but 5,000 more than the same week last year.

Wednesday’s Cutout Values

Choice: 260.47, Down .01 from the previous day.

Select: 246.02, Down 2.17 from the previous day.

Choice/Select Spread: 14.45

5 Area Average Cattle Price

Live Steer: 139.38

Live Heifer: 140.41

Dressed Steer: 225.88

Dressed Heifer: 225.97

Weekly Beef Export Sales: Net sales of 23,300 MT for 2022 were down 18 percent from the previous week, but up 35 percent from the prior 4-week average.

5/20/22 Cattle on Feed Estimates:

On Feed: 101.2-101.8

Placements: 93.6-97.8

Marketings: 97.7-98.0

Live Cattle

Technicals (June): Another disappointing day for the Bulls is in the book. Cash remains mostly steady near 140, but the volatility in outside markets continues to impose a stiff headwind to the market. 130.975-131.50 is that last line in the sand that the Bulls need to defend. A break and close below this pocket could accelerate the long liquidation and drop us into

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Bias:

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Feeder Cattle

Technicals (August): A weaker corn market was not enough to help support feeders, as a risk-off sentiment swept through just about every market. New contract lows were posted at 164.60, which puts us officially in

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Bias:

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Lean Hogs

Weekly Pork Export Sales: Net sales of 24,100 MT for 2022 were down 8 percent from the previous week, but up 2 percent from the prior 4-week average.

Techncials (June): June lean hogs marked their fourth consecutive higher day, despite most other markets experiencing strong headwinds. We are still in the camp that June lean hogs can make a push at 110, but the Bulls need to first chew through resistance from

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Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:

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