Cash Cattle Firms. Is There More Upside Left?
Daily Cutout Values
Choice: 263.37, UP .27 from the previous day.
Select: 239.59 Up 2.13 from the previous day.
Choice/Select Spread: 23.78
5 Area Average Cattle Price
Live Steer: 144.3
Live Heifer: 143.69
Dressed Steer: 229.95
Dressed Heifer: 229.88
Daily Slaughter
Estimated at 118,000. 3,000 more than last week and 2,000 more than the same week last year.
Feeder Cattle Index
8/11/2022: 178.28
8/10/2022: 178.06
Commitments of Traders Update
Live Cattle
Friday’s Commitments of Traders report showed that Managed Money were net buyers of 11,067 futures/options contracts through August 9th. This expands their net long position to 49,072 contracts.
Feeder Cattle
Friday’s Commitments of Traders report showed that Managed Money were net buyers of 668 futures/options contracts through August 9th. This puts them net long 479 contracts.
Technical Snapshot
Live Cattle
October live cattle gave back some ground on Friday, but all in all it was a constructive week with the market posting higher lows and higher highs. The market managed to work itself back into the gap from April 25th but was unable to fill that gap completely. The topside of the gap comes in at 145.975. Outside markets are under pressure this morning on the back of bearish news from China. This may put a headwind in prices to start the new week of trade. Previous resistance will act as our pivot pocket that comes in from 142.75-143.75. The Bulls have the technical advantage until we see a breakdown back below this pocket.
Resistance: 145.10-145.975****, 147.35-147.50**
Pivot: 142.75-143.75
Support: 141.425-141.90***, 138.025-138.35****
Choice: 263.37, UP .27 from the previous day.
Select: 239.59 Up 2.13 from the previous day.
Choice/Select Spread: 23.78
5 Area Average Cattle Price
Live Steer: 144.3
Live Heifer: 143.69
Dressed Steer: 229.95
Dressed Heifer: 229.88
Daily Slaughter
Estimated at 118,000. 3,000 more than last week and 2,000 more than the same week last year.
Feeder Cattle Index
8/11/2022: 178.28
8/10/2022: 178.06
Commitments of Traders Update
Live Cattle
Friday’s Commitments of Traders report showed that Managed Money were net buyers of 11,067 futures/options contracts through August 9th. This expands their net long position to 49,072 contracts.
Feeder Cattle
Friday’s Commitments of Traders report showed that Managed Money were net buyers of 668 futures/options contracts through August 9th. This puts them net long 479 contracts.
Technical Snapshot
Live Cattle
October live cattle gave back some ground on Friday, but all in all it was a constructive week with the market posting higher lows and higher highs. The market managed to work itself back into the gap from April 25th but was unable to fill that gap completely. The topside of the gap comes in at 145.975. Outside markets are under pressure this morning on the back of bearish news from China. This may put a headwind in prices to start the new week of trade. Previous resistance will act as our pivot pocket that comes in from 142.75-143.75. The Bulls have the technical advantage until we see a breakdown back below this pocket.
Resistance: 145.10-145.975****, 147.35-147.50**
Pivot: 142.75-143.75
Support: 141.425-141.90***, 138.025-138.35****