Daily Livestock Technical Levels, Charts, and Fundamentals
Cattle on Feed Estimates
On Feed: 101.5
Placed: 99.7
Marketed: 103.0
Thursday’s Slaughter is estimated at 122,000. 5,000 less than last week and 4,000 more than the same week last year.
Thursday’s Cutout Values
Choice: 264.66, Down 1.91 from the previous day.
Select: 244.94, Down 1.05 from the previous day.
Choice/Select Spread: 19.72
5 Area Average Cattle Price
Live Steer: 140.62
Live Heifer: 139.24
Dressed Steer: 237.69
Dressed Heifer: 238.41
Live Cattle
Technicals (August): August live cattle futures were unable to defend technical support, which we defined in yesterday’s report as 134.85-135.35. The breakdown, which was partly caused by a risk off trade in almost every commodity, opened the door for long liquidation which puts the next downside target within arm’s reach. 132.45-132.75 is the pocket we are keeping a close eye on ahead of the Cattle on Feed report and weekend. If the Bulls cannot defined this pocket, the chart could be.....Sign up for your FREE two-week trial of our daily commodity commentary!
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Below is a daily chart of August live cattle futures
Feeder Cattle
Technicals (August): Feeder cattle futures were “the bright spot” in Ag today, but failed against our resistance pocket from 175.50-176.125. This pocket represents the 100 and 200 day moving averages. Though it was nice to see some higher prices yesterday, there’s an asterisk next to it. Relative to the drop in grains, their rally was disappointing. A .....Sign up for your FREE two-week trial of our daily commodity commentary!
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Below is a daily chart of August feeder cattle futures
Lean Hogs
Technicals: Lean hog futures were sharply lower yesterday, after another failure against significant technical resistance from 112.85-114.00. The rejection helped prices fill the small gap from Friday morning, but it didn’t stop there. The market kept bleeding lower, finishing within a stone’s throw of limit down, 4.75. If the Bulls cannot find any traction, we could see the selling continue. The next meaningful support pocket doesn’t come in until.....Sign up for your FREE two-week trial of our daily commodity commentary!
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Below is a daily chart of July lean hog futures
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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.
