Feedlot activity this morning has been limited
to the distribution of new showlists. The early month offering appears
to be generally larger with only Nebraska showing fewer ready steers and
heifers. According to the midday report, the national hog base is $1.13
lower compared with the Prior Day settlement ($82.00-86.00, weighted
average $84.84). The corn trade is roughly 8 cents higher as we move
toward an early, pre-holiday close. Corn seems to be supported by
spillover strength from beans and a generally lack of selling interest.
Wall Street is mixed in late morning trading with the Dow up 159 points
and the Nasdaq off 27.
LIVE CATTLE:
Live contracts are moderately lower (off 25 to
35) as traders look toward a noon close. The lightly tested market is
pressured by beef demand worries and fears the the cash market will
continue to erode in the weeks ahead. Beef cut-outs are mixed at midday,
up 0.02 (select, $208.44) to off $1.16 (choice, $223.57) with light to
moderate box movement (35 loads of choice cuts, 27 loads of select cuts,
1 load of trimmings, 6 loads of coarse grinds).
FEEDER CATTLE:
Feeder issues are sagging as much as triple
digits late in the session, pressured by the implications of higher corn
prices and a general lack of buying interest.
LEAN HOGS:
Lean futures are well supported today, though
significance is tough to measure given the light trade volume. Nearbys
are lifted by limited bull spreading interest and further signs of
decent product demand. Carcass value is sharply higher at midday with
all primals helping except the picnic. Pork cut-out: $104.22, up $1.30.
CME cash lean index for 06/29: 91.72, up 0.06 (DTN Projected lean index
for 06/30: 91.71, off 0.01).
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