Cattle Consolidate Ahead of USDA Report

Wednesday’s Slaughter is estimated at 124,000. 2,000 less than last week, but 6,000 more than the same week last year.

Wednesday’s Cutout Values
Choice: 270.53, Down 2.04 from the previous day.
Select: 242.25, Down 1.48 from the previous day.
Choice/Select Spread: 28.28

5 Area Average Cattle Price
Live Steer:136.59
Live Heifer: 136.56
Dressed Steer: 227.60
Dressed Heifer: 228.00

Cattle on Feed Estimates (Report out tomorrow after the close)
On-Feed: 99.8%
Placed: 94.3%
Marketings: 102%

Live Cattle
Technicals (August): The technical landscape remains unchanged as the market continues to consolidate and linger near the 100 and 200 day moving averages (135.60 and 135.70). The August contract is starting to run against the shot clock so we will start covering the October contract starting next week.

Resistance: 137.95-138.75***, 140.275**, 141.625-141.825****
Pivot: 135.575-135.725
Support: 134.20**, 132.775-133.30***, 129.975-130.725****

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