Livestock Roundup 11/30/22

Posted: Nov. 30, 2022, 8:12 a.m.

Cattle Summary

Daily Cutout Values

Choice: 254.74, Up .21 from the previous day.

Select: 225.82, Down 2.71 from the previous day.

Choice/Select Spread: 28.92

5 Area Average Cattle Price

Live Steer: 153.50

Live Heifer: N/A

Dressed Steer: N/A

Dressed Heifer: N/A

Daily Slaughter

Estimated at 128,000. 1,000 less than last week but 4,000 more than the same week last year.

Feeder Cattle Index

11/28/2022: 178.85

11/25/2022: 177.19

Live Cattle (February)

Managed Money Position: 60,850

Seasonal Trend in Play:  February live cattle have pulled back from November 27th to December 9th for 14 of the last 15 years, with the average pullback being roughly 3.00.

Techncials: February live cattle futures were choppy yesterday, trading on both sides of unchanged.  Our near-term bias remains in bearish territory with the targets coming in from 153-154.  This pocket represents several major moving averages and is mart of the trendline support pocket that comes in from the December lows.  A pullback to the low end of this risk range may flip our bias back to bullish.  The same day that the bearish seasonal for February live cattle ends, a bullish seasonal starts fot the April contract. 

LEG2023_2022-11-30_07-35-52

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Feeder Cattle (January)

Managed Money Position: -4,066

Seasonal Trend in Play:  January feeder cattle have pulled back from November 29th to December 9th for 14 of the last 15 years, with the average pullback being roughly 3.00.

Technicals:  January feeder cattle have pulled back from November 29th to December 9th for 14 of the last 15 years, with the average pullback being roughly 3.00.

GFF2023_2022-11-30_07-37-43

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Hogs Summary

Due to packer submission issues, the release of this report will be delayed.


Lean Hogs (February)

Managed Money Position: 51,747

Seasonal Trend in Play: Coming Soon, December 6th!

Technicals:  February lean hogs continued their descent yesterday.  First support comes in from 83.025-83.65, which may be able to offer some support on the first test.  The RSI is at 34.70, not yet in what is considered "oversold" territory, but it's close and it is the lowest since the first week of October.  There is a bullish seasonal trend that starts for the August contract on December 6h, so this pullback coupled with a strong seasonal trend may set up for a good risk/reward opportunity.  

HEG2023_2022-11-30_07-39-44

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Livestock Feeder Cattle Lean Hogs Live Cattle

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