Livestock Roundup 05/13/22
Posted: May 13, 2022, 7:18 a.m.
Thursday’s Slaughter is estimated at 125,000, 1,000 less than last week, but 6,000 more than the same week last year.
Thursday’s Cutout Values
Choice: 257.20, Up 2.12 from the previous day.
Select: 244.36, Up 2.18 from the previous day.
Choice/Select Spread: 12.84
5 Area Average Cattle Price
Live Steer: 142.17
Live Heifer: 141.48
Dressed Steer: 229.21
Dressed Heifer: 229.72
Live Cattle
June live cattle have been mostly sideways this week, but it has been far from a boring trade. Being on the Bullish side, it continues to be frustrating watching futures struggle while cash remains firm. Outside market volatility and overall sentiment has certainly been a headwind this week. Outside markets are firming up in the early morning trade, if that persists through the morning, that may help the cattle markets find some better footing.
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Feeder Cattle
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Lean Hogs
June lean hogs broke below 100, which acted like a trap door, dropping prices down to 97.10, the lowest prices since January 13th. We have done a full retracement to the breakout point from the start of the Bull rally. The RSI is at 28.14. The lowest we’ve seen the RSI was 25.43, on September 15th. We keep thinking that a dead cat bounce is due, but that thought process started about a week ago.
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