Triple-digit gains are seen through cattle and hog futures Monday morning. Lean hog futures are leading the complex higher with April futures holding a $2.55 per cwt rally midday. Feeder cattle gains are leading all cattle markets higher. Corn markets are higher in light trade. March corn futures are 3/4 cent higher. Stock markets are higher in light trade. Dow Jones is 36 points higher with Nasdaq up 66 points.
LIVE CATTLE:
Livestock futures have surged higher with early support quickly gaining momentum following the move higher in feeder cattle. There is additional support likely to move back into the complex. June and August futures are leading the complex higher with prices holding triple-digit gains. The focus through the morning is helping traders trying to offset losses seen last week. Cash cattle interest is undeveloped at this point with showlist distribution and inventory taking place through the morning. With prices generally $1 per cwt higher than the previous week in live and dressed trade, this should instill additional confidence through the week as asking prices are expected to elevated. But bids and asking prices are not likely to be seen until midweek or later. Boxed beef cut-outs at midday are higher, up $0.75 (select) to up $2.97 per cwt (choice) with light movement of 46 total loads reported (19 loads of choice cuts, 18 loads of select cuts, 5 loads of trimmings, 4 loads of ground beef).
FEEDER CATTLE:
Strong gains flooded the feeder cattle futures complex late Monday morning with April contracts holding $2.25 per cwt higher through the morning. Triple-digit gains in all contracts are holding with the focus on regaining market losses last week. There is expected to be increased buyer activity moving into the complex as prices try to build increased additional support through the month of February.
LEAN HOGS:
Buyer support has been unrestricted Monday morning with triple-digit gains quickly moving back into the complex. This has pushed April futures $2.55 higher as aggressive market support moved back into the complex. Despite early losses through the first few minutes of trade, aggressive triple-digit gains quickly flooded through the complex. Cash prices are higher on the National Direct morning cash hog report. The weighted average price is up $0.41 at $50.79 per cwt, with the range from $47.25 to $51.28 on 4,549 head reported sold. Cash prices are unreported due to confidentiality on the Iowa/Minnesota Direct morning cash hog report. Pork carcass values are higher on the morning report with prices gaining $1.22 per cwt at $68.21 per cwt with 122 loads traded. Lean hog index for 1/31 is $57.18, down $0.22, with a projected two-day index is $57.41, down $0.23.
 |
| #completecalfcare |
No comments:
Post a Comment