Lean hogs are under pressure posting triple-digit losses. The ongoing trade issues with China and Mexico keep volatile, but directionless. Futures have tried to consolidate this week, but are currently hovering near chart support. There has been some indication that the implementation of tariffs on Mexico might be delayed to give time for something to be worked out. Corn futures are lower due to drier weather allowing fieldwork to progress. The DOW is up 282 points with the NASDAQ up 123 points.
LIVE CATTLE:
Live cattle futures are kind of coasting along today posting minor losses. Beef exports last week totaled 16,700 tons and slightly below the four-week average of 21,800. However, sales so far this year are running 1.5 percent above the same period last year. It appears most cash trading is finished for the week with just a few clean-up sales noted. Futures have developed a minor uptrend attempting to recover from the large decline a week ago. Boxed beef cut-outs at midday are higher. Choice cuts are up $0.37 with select cuts up $0.56 with movement of 70 loads. There were 26 loads of choice cuts, 30 loads of select cuts, 7 loads of trimmings, and 7 loads of ground beef.
FEEDER CATTLE:
Feeders are under pressure posting triple-digit losses, but continue to hold above yesterday's lows. Feeders have been slow to move to feedlots due to good pasture conditions. This may tighten supply down the road providing some support to the complex. Futures have corrected from a severely oversold status of last week.
LEAN HOGS:
Lean hog futures are taking a beating with contracts nearly limit down and right at the bottom of the trading range developed this week. Weekends have become notorious lately for unexpected news and the potential for tariffs to be implemented on Mexico Monday has traders willing to sell the market. Cash prices are higher on the National Daily Direct cash report. The weighted average price gained $0.78 at $74.80 with a range of $68.00 to $77.00. The National Pork Plant report posted 204 loads sold with 193 of pork cuts and 11 loads of trimmings. Pork carcass values added $1.12 per cwt to $84.37 per cwt. The lean hog index for 6/5 is $80.56, down $0.11 with a projected two-day index of $80.30, down $0.26.
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