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Live Cattle
December live cattle futures traded on both sides of unchanged in Friday’s session. 4-star resistance was tested and held, that remains intact from 189.47-190.07. If you need to protect the downside, we feel this is a pretty good opportunity to do so, especially with volatility levels relatively low.
Resistance: 189.47-190.075, 191.47-191.62
Pivot: 187.675-188.00
Support: 187.00-187.12, 184.55-185.20*
Daily Cattle and Beef Summary
Cutout values were higher on Friday afternoon with choice cuts 1.07 higher to 322.24 and select cuts .74 higher to 295.08. The 5-area average price for live steers was reported at 190.06, firm with what we’ve seen in recent weeks. Friday’s slaughter was reported at 113k head, 7k more than the same day last week but 4k less than the same day last year. Week to date slaughter as of Friday afternoon came in at 604k, that’s 10k more than last week but about 15k less than last year.
Cattle on Feed
Friday’s Cattle on Feed report was mostly neutral.
- On Feed: 100% VS avg est.: 99.7 (Range: 99.1-100.1)
- Placements: 98.1% VS avg est.: 96 (Range: 94.2-99.0)
- Marketings: 102% VS avg est.: 102 (Range: 98.1-103.4)
Commitment of Traders Update
Friday’s Commitment of Traders report showed funds were net buyers of about 4.5k contracts through October 22nd, expanding their net long to 92,825. That is the largest net long position since October 3, 2023.

Lean Hogs
December lean hogs were choppy in the last two days of the week, marking new contract highs on Thursday then reversing lower and eventually recovering some midday on Friday. Support was tested and held Friday keeping that pocket intact for today’s trade, 77.90-78.25.
Resistance: 82.50*
Pivot: 79.60
Support: 77.90-78.25, 75.25-76.00
Commitment of Traders Update
Funds were net buyers of nearly 8k futures/options contracts through October 22nd, expanding their net long position to 92,646. This is the second largest net long position int he last 5 years, second to the 93k contracts long in April. The largest net long position in the last 10 years was 96,164 contracts, back in September 2013. The risk of long liquidation is high when you get to these levels.

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