Daily Livestock Roundup: Charts, Technical Levels to Watch, and Fundamentals (7.11.22)

Friday’s Slaughter is estimated at 125,000. 4,000 more than last week, and 4,000 more than the same week last year.

Friday’s Cutout Values

Choice: 267.89, Down .18 from the previous day.

Select: 241.85, Down .73 from the previous day.

Choice/Select Spread: 26.04

5 Area Average Cattle Price

Live Steer:144.37

Live Heifer: 141.69

Dressed Steer: 232.30

Dressed Heifer: 232.23

Live Cattle

Commitments of Traders Update: Friday’s Commitments of Traders report showed Managed Money were net sellers of 9,968 futures/options, through July 5th. The Bulk of this was new short positions, 7,162. This shrinks their net long position to 14,297.

Technicals: For the week ending July 8th, August live cattle were down .65. The market continues to chop around in the middle of the range over the last two months. Recently, major moving averages have been a roadblock for the Bull camp. Today, those come in at 135.425 (200 day moving average) and 135.95 (100 day moving average). We remain stubbornly optimistic that we can work back out above these levels and potentially make another run at.....Sign up for your FREE two-week trial of our daily commodity commentary!

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Feeder Cattle

Commitments of Traders Update: Friday’s CoT report showed Managed Money were net sellers of 2,211 futures/options contracts. This expands their net short position to 7,531 futures/options.

Technicals: For the week ending July 8th, August feeder cattle were down 2.775. Feeder cattle started to breakdown below trendline support on Friday, there is additional support not far away. The 50-day moving average comes in at 171.22, below that is the low end of the June trading range, 170.325. A break and close below these levels could accelerate the selling pressure, with little support until the mid-160s. On the resistance side of things.....Sign up for your FREE two-week trial of our daily commodity commentary!

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Lean Hogs

Commitments of Traders Update: Friday’s CoT report showed Managed Money were net sellers of 2,155 futures/options, through July 5th. This shrinks their net long position to 28,485. Broken down that is 49,193 longs VS 20,708 shorts.

Technicals: August lean hogs were 6.20 for the week ending July 8th. This took prices out above trendline resistance. That opened the door for a breakout attempt above the top end of the May/June range, 111-112ish. If the Bulls can chew through and close above this pocket, there’s “clear skies” ahead, with little significant resistance until you get closer to.....Sign up for your FREE two-week trial of our daily commodity commentary!

Resistance:

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