Friday’s Slaughter is estimated at 121,000. 1,000 less than last week, and 7,000 more than the same week last year.
Friday’s Cutout Values
Choice: 263.82, Down .18 from the previous day.
Select: 240.47 Down .10 from the previous day.
Choice/Select Spread: 23.35
5 Area Average Cattle Price
Live Steer: 146.10
Live Heifer: 144.00
Dressed Steer: 233.94
Dressed Heifer: 234.02
Live Cattle
Technicals (August): In Thursday’s interview with RFD-TV we mentioned that maybe all live cattle needed to rally was a changing of the calendar. Coincidently, that’s how it appeared on Friday with the market erasing a week’s worth of losses which took prices right back to the 50 and 200 day moving average. If the Bulls can chew through these technical, we could see the market retake the 100-day moving average at 136.20 and possibly make another attempt at.....Sign up for your FREE two-week trial of our daily commodity commentary!
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Feeder Cattle
Technicals (August): August feeder cattle were able to rally to end the week, but failed against our resistance pocket, 175.35-175.65. Relative to the waterfall like trade in corn, we would have thought feeders could get enough going to at least take out the previous week’s high. Last week’s rally was halted by those previous highs as well as the 100 and 200 day moving average, which come in at 175.27 and 175.67 respectively. Consecutive closes above this pocket could be enough to spark a more meaningful rally. A failure to breakout could take us back to.....Sign up for your FREE two-week trial of our daily commodity commentary!
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Lean Hogs
Technicals (August): August lean hogs tried to get something going on Friday, but it wasn’t anything to write home about. The market is hovering right below the 200-day moving average, 103.40. The Bulls need to achieve a conviction close back above this level to spark another run at the 50-day moving average and trendline resistance, both of which are at a fairly steep descent. That pocket comes in.....Sign up for your FREE two-week trial of our daily commodity commentary!
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