Livestock Futures Rip Higher!
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Livestock futures close higher with the spot month in live cattle hitting a new contract high and at 2015 levels, but will the deferreds also make new highs? Hogs rallied on fund buying and higher cash. Grains ended mixed with technical selling in corn and wheat, plus export news and harvest pressure are also factors. Soybeans closed slightly higher following soybean oil. Oliver Sloup, Vice President of Blue Line Futures joins Michelle Rook for Markets Now. Watch us on RFD-TV, today at 12:45 PM CT |
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Cattle Summary Daily Cutout Values Choice: 253.39, Up 2.61 from the previous day. Select: 222.19, Up .91 from the previous day. Choice/Select Spread: 31.20 5 Area Average Cattle Price Live Steer: 150.05 Live Heifer: 150.00 Dressed Steer: 232.00 Dressed Heifer: 232.00 Daily Slaughter Estimated at 127,000. 1,000 less than last week but 4,000 more than the same week last year. Feeder Cattle Index 10/18/2022: 172.03 10/17/2022: 172.27 Weekly Export Sales Beef: Net sales of 16,600 MT for 2022 Cattle on Feed Estimates On Feed: 99.1% Placed: 96.3% Marketed: 104% |
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Live CattleDecember live cattle futures continued to surge higher yesterday on the back of a strong cash trade that spurred technical buying. 4-star resistance remains intact, that comes in from 151.60-151.775. Just above that is the contract highs, 152.225-152.375. We are combining this into one significant resistance pocket. A breakout above here and we are in uncharted territory, which makes it difficult to find meaningful resistance points, but we will do our best. Seasonal Trend in Play: April live cattle have been higher from October 5th-November 11th for 13 of the last 15 years. Resistance: 151.60-152.375**** Pivot: 149.575-150.00 Support: 146.50-146.70****, 143.70-144.00 |
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Feeder CattleFeeder cattle futures were two-sided in yesterday's trade as the market struggled to get out above resistance with any sort of conviction, the upper end of that resistance pocket jumps from 178.35 to 178.675 in this morning's report. If the Bulls can chew through this pocket, there's not a lot of significant resistance until you get closer to 182. Resistance: 178.35-178.675***, 181.98-182.38***, 184.325** Pivot: 174.225-174.725 Support: 170.85-171.00**** |
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Hogs SummaryDaily Direct Hogs Plant Delivered (as of 1:30 PM CT) Carcass Base Price Range: 83.00-104.00 Weighted Average: 97.52 Change from Prior Day: 3.67 Head Count: 19,709 Daily Hog Slaughter 491,000. Unchanged from last week but 12,000 more than last year. Weekly Export Sales Pork: Net sales of 40,800 MT for 2022 |
Lean HogsLean hogs continued to climb higher yesterday, adding to their incredibly impressive week. The market is overbought on the short term. We are also up against some big technical resistance levels and in a seasonally weak time of year. For those reasons, we like fading the strength at these levels. The "tap out" point would be a break and close above our next resistance pocket, 88.725-89.075. Seasonal Trend in Play: December lean hogs have been lower from October 15th-November 6th for 12 of the last 15 years. Resistance: 88.725-89.075***, 91.025-91.35**** Pivot: 86.775 Support: 85.25-85.375 ***, 83.325**, 80.825-81.525*** |
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