Estimated at 118,000. 3,000 more than last week and 2,000 more than the same week last year.
Feeder Cattle Index
8/11/2022: 178.28
8/10/2022: 178.06
Commitments of Traders Update
Live Cattle
Friday’s Commitments of Traders report showed that Managed Money were net buyers of 11,067 futures/options contracts through August 9th. This expands their net long position to 49,072 contracts.
Feeder Cattle
Friday’s Commitments of Traders report showed that Managed Money were net buyers of 668 futures/options contracts through August 9th. This puts them net long 479 contracts.
Technical Snapshot
Live Cattle
October live cattle gave back some ground on Friday, but all in all it was a constructive week with the market posting higher lows and higher highs. The market managed to work itself back into the gap from April 25th but was unable to fill that gap completely. The topside of the gap comes in at 145.975. Outside markets are under pressure this morning on the back of bearish news from China. This may put a headwind in prices to start the new week of trade. Previous resistance will act as our pivot pocket that comes in from 142.75-143.75. The Bulls have the technical advantage until we see a breakdown back below this pocket.
Resistance: 145.10-145.975****, 147.35-147.50**
Pivot: 142.75-143.75
Support: 141.425-141.90***, 138.025-138.35****
Feeder Cattle
October feeder cattle butted up against the top end of the February trading range but were unable to achieve a full-blown breakout. The market bulled back the support channel. Resistance above and support below are converging, which could give us a bigger directional move in the not to distant future.
Daily Direct Hogs Plant Delivered (as of 1:30 PM CT)
Carcass Base Price
Range: 114.00-136.00
Weighted Average: 123.69
Change from Prior Day: 2.32
Head Count: 6,089
Daily Hog Slaughter
440,000. Down 12,000 from last week and 24,000 from last year.
Commitments of Traders Update
Friday’s Commitments of Traders report showed that Managed Money were net buyers of 8,402 futures/options contracts through August 9th. This expands their net long position to 65,153 contracts
Technical Snapshot
October lean hogs made new contract highs on Thursday, but it really lacked conviction. The lack of conviction helped spark some moderate profit taking on Friday. Bearish news from China has put some weakness into the outside markets, this may spill into hogs to start the week. If the market does experience weakness, a retracement to last week’s breakout point would be the first downside objective,
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Wheat ends higher for a fifth day but Darin Newsom with Barchart thinks the rally has just about run its course and that is true for corn and soybeans as well. And HPAI headlines sink cattle...again.
Canada’s Competition Bureau said it had identified major competition concerns around the proposed merger between U.S. grains merchant Bunge and Glencore-backed Viterra.
Grains end mixed with wheat higher for the fifth consecutive day. However, corn and soybeans don't follow. Darin Newsom, Barchart, discusses if the fund short covering rally is about done?
The Meat Institute said properly prepared beef remains safe to eat and called for USDA and the CDC to provide worker safety guidance specific to beef processors to ensure workers are protected from infection.
The livestock industry needs a comprehensive, cohesive plan to address the virus. Producers, their employees and veterinarians need clear answers and support from U.S. agricultural leadership, moving forward.
