Tuesday’s Slaughter is estimated at 126,000. Unchanged from last week, and 6,000 more than the same week last year.
Tuesday’s Cutout Values
Choice: 264.66, Up .84 from the previous day.
Select: 239.87 Down .60 from the previous day.
Choice/Select Spread: 24.79
5 Area Average Cattle Price
Live Steer: N/A
Live Heifer: N/A
Dressed Steer: N/A
Dressed Heifer: N/A
Live Cattle
Technicals (August): Live cattle finished last week with a strong rally, setting the table for continuation to start this week’s trade. As the cattle market has gone recently, that optimism faded quickly in yesterday’s trade as prices retreated and erased nearly all of Friday’s gains. With the market chopping around, many of the technical support and resistance pockets remain.....Sign up for your FREE two-week trial of our daily commodity commentary!
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Feeder Cattle
Technicals (August): Feeder cattle made an attempt to breakout yesterday but fell flat, despite the bloodbath in the grain complex. As mentioned in recent reports, the inability to take out recent highs with the collapse in grains should be a caution flag for the Bulls. That’s not to say we can’t rally from here, but the recent price action has been dismal. Perhaps feeders were pricing in a breakdown in corn prices for a while now, that’s the first thought that comes to mind. Nonetheless, the market is consolidating and looks ready for a bigger directional move once.....Sign up for your FREE two-week trial of our daily commodity commentary!
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Lean Hogs
Technicals (August): It was a risk-off day in nearly every commodity yesterday, with the exception of lean hogs. Lean hog futures were able to rally up near the 50-day moving average which we’ve listed as first resistance. That finished yesterday’s session at 106.90. Just above that is trendline resistance from the March 31st high, that comes in near 107.50. If the Bulls can find enough follow-through today to chew through that resistance pocket, we could see an extension towards.....Sign up for your FREE two-week trial of our daily commodity commentary!
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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.
