Initial market pressure has continued to develop
on Wednesday morning, but limited new market information continues to
limit overall activity as well as price movement. Light pressure is
likely to hold through the rest of the Wednesday session. Corn futures
are higher in moderate trade. July corn futures are 1 cent higher. Stock
markets are lower in light trade. Dow Jones is 96 points lower with the
Nasdaq down 33 points.
LIVE CATTLE:
There are narrow losses in live cattle trade
despite follow-through pressure in most feeder cattle trade, and
concerns that growing cattle placements will continue to add bearishness
to the entire complex. June futures are holding a 5-cent loss midday
Wednesday with traders trying to hold support above $110.50 per cwt
midweek. Cash cattle trade is starting to develop in the South with
limited volume in Kansas and Texas at $115 per cwt. This is $1 per cwt
lower than last week's prices, and may set the tone for the week. Bids
are seen in the North at $115 live and $185 dressed, but so far, trade
is undeveloped. Asking prices are at $117 and higher live and $187 and
higher dressed. Boxed Beef cutouts at midday are steady to higher,
steady (select) and up $1.01 per cwt (choice) with light movement of 83
total loads reported (38 loads of choice cuts, 20 loads of select cuts,
four loads of trimmings, 20 loads of ground beef).
FEEDER CATTLE:
Following additional strong market pressure
early Wednesday morning, feeder cattle futures are mixed to mostly lower
at midday. Lightly traded May contracts are holding a 60-cent gain,
with traders trying to narrow the price discount in May futures compared
to the rest of the complex. Pressure in the rest of the complex is
lowering prices 55 cents to 70 cents per cwt as traders try to establish
support levels following the latest market tumble. Concerns surrounding
increased cattle placed in feedyards through the spring is likely to
add even more pressure to the entire complex through the end of the
week.
LEAN HOGS:
Lean hog trade is under moderate-to-light
pressure on Wednesday after mixed trade kept prices shifting higher and
lower early in the day. June futures are leading the complex lower with
the rest of the complex steady to 20 cents lower. Lack of market
direction midweek is keeping traders caught between trade uncertainty
and expected growth in global demand. Narrow trading ranges are likely
through the rest of the complex with traders looking for additional news
throughout the complex. Cash prices are lower on the National Direct
morning cash hog report. The weighted average price is down $1.49 at
$79.34 per cwt with the range from $72.00 to $81.00 on 4,010 head
reported sold. Cash prices are unreported due to confidentiality on the
Iowa/Minnesota Direct morning cash hog report. Pork values slipped in
light trade as primal cuts remain mixed in a narrow range. Pork cutouts
fell $0.64 per cwt at $86.43 per cwt with 148 loads traded. Lean hog
index for 5/20 is $84.37, down $0.22, with a projected two-day index at
$84.39, up $0.02.
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