Coming off of a week in which cattle and feeder futures prices broke to new lows and cash cattle were steady to $2 lower, prices will be looking for some form of support this week ahead of next week's Thanksgiving holiday. This week's showlist is likely to be a little larger than last week.
In spite of last week's lower cattle prices and falling pork carcass values, December hog futures continue to hold a sideways trend with support near $51. In the February contract, it will be interesting to see if prices can hold support near $59, the October low.
| BULL SIDE | BEAR SIDE | ||
| 1) |
Beef production is expected to be lower in November.
| 1) |
Boxed beef prices were lower last week and cash trade a little lower.
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| 2) |
Next support level is $111 for December cattle and $114 for February.
| 2) |
New one-month low in December cattle and a new three-month low in January feeders speak for themselves.
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| 3) |
Year-to-date pork production is up just 2.7% so far.
| 3) |
Last week's 2.59 million head hog slaughter is keeping retail prices under pressure.
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| 4) |
Pork export pace continues to do well, considering trade issues.
| 4) |
Resistance is at $60 in December hogs and has been firm, so far.
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| #chh |
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