Above: Yesterday’s Tech Talk; Corn, Soybeans, Live Cattle, and Lean Hogs
Cattle Summary Sign Up for Market Research - Blue Line Futures Daily Cutout Values Choice: 259.79, Down 3.25 from the previous day. Select: 239.68, Down 3.07 from the previous day. Choice/Select Spread: 20.11 5 Area Average Cattle Price Live Steer: 144.00 Live Heifer: N/A Dressed Steer: N/A Dressed Heifer: N/A Daily Slaughter Estimated at 126,000. Unchanged from last week and 6,000 more than the same week last year. Feeder Cattle Index 8/29/2022: 183.00 8/26/2022: 183.16 | |
Live Cattle Sign Up for Market Research - Blue Line Futures October live cattle futures were able to break the 4-day streak of lower prices, on a day when the outside markets saw meaningful pressure. If you’re bullish the market, this is your silver lining. The market finished the session right near the upper end of our pivot pocket, 143.25-143.775. If the Bulls can keep yesterday’s momentum alive, perhaps we see a retest of 145.10-145.975. We are in the camp that the cash market may stall out, which could limit the upside. We are monitoring outside markets and commodities as a whole, if they continue to trend lower, it will be an uphill climb for live cattle. We are still in the camp that the three major moving averages could be tested in the near term. Resistance: 145.10-145.975***, 147.35-147.50** Pivot: 143.25-143.775 Support: 141.75-142.10****, 138.025-138.35**** | |
Feeder Cattle Sign Up for Market Research - Blue Line Futures November feeder cattle were able to stabilize yesterday, thanks to a pullback in part to a pullback in corn. Corn futures are lower this morning which may be able to help feeder cattle find more footing. The market finished right near the 50-day moving average, which represents the upper end of our pivot pocket. A conviction close back above here could propel the market back to the 186.00 area. Support levels remain intact after being tested and holding in Monday’s session. Resistance: 185.70-185.90***, 188.125** Pivot: 183.00-183.25 Support: 180.80-181.35***, 179.75** | |
Hogs Summary Sign Up for Market Research - Blue Line Futures Daily Direct Hogs Plant Delivered (as of 1:30 PM CT) Carcass Base Price Range: 100.00-120.00 Weighted Average: 106.83 Change from Prior Day: -2.52 Head Count: 7,286 Daily Hog Slaughter 4800,000. Unchanged from last week and 3,000 less than the same week last year. | |
Lean Hogs Sign Up for Market Research - Blue Line Futures Lean hogs have had a solid performance over the last two sessions, getting the bullish seasonal trade off to a good start (the seasonal is for the June contract, contact us for more information). The market got up to the 50 and 100 day moving averages but wasn’t able to chew through that resistance band from 94.225-94.975. A breakout above that pocket could open the door for another leg higher, with the next resistance pocket coming in closer to 98.00. Resistance: 98.05-98.25***,100.375-100.825***, 101.65** Pivot: 94.225-94.975 Support: 91.50**, 89.40-90.225***, 86.825-87.40**** | |
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