Limited activity is seen Wednesday morning with prices bouncing within a moderately mixed trading range. The firm support in beef values is helping to spark follow-through interest through the complex. Corn futures are lower in moderate trade. July corn futures are 9 1/4 cents lower. Stock markets are higher in light trade. Dow Jones is 145 points higher with NASDAQ up 28 points.
LIVE CATTLE:
Light gains are holding in live cattle trade with futures posting gains of 10 to 60 cents at midday. Prices have bounced higher and lower through the complex with increased momentum seen through late morning as buyers continue to focus on longer term direction in the complex. This is increasing underlying volatility and may spark some additional trade volume through the end of the week. Cash cattle business appears to be done in the South with renewed bids in the North seen at $113 to $114 live and $183 dressed. It is uncertain if sales will be inked today, or be pushed later in the week. Asking prices are at $115 and higher live and $188 and higher dressed. Boxed Beef cut-outs at midday are mixed, $0.15 higher (select) and down $0.20 per cwt (choice) with active movement of 107 total loads reported (60 loads of choice cuts, 20 loads of select cuts, no loads of trimmings, 27 loads of ground beef).
FEEDER CATTLE:
Mixed feeder cattle trade is seen midday with traders quickly backing away from early gains. The underlying support in the complex Tuesday sparked renewed interest, but there are concerns about such a bullish reversal seen over the next several weeks. Traders are facing the expectation of growing beef supplies with increased production costs likely to still develop through the summer months. Prices are mixed in a narrow range from 30 cents lower to 40 cents higher.
LEAN HOGS:
Mixed trade continues through lean hog futures Wednesday morning as traders balance follow-through buying in deferred contracts with position covering in nearby futures putting pressure on price levels. Additional buying activity is likely to hold through fall and winter contracts with traders still focusing on bullish long-term demand. But softness in summer contracts is likely to be stimulated by current production levels. Cash prices are lower on the National Direct morning cash hog report. The weighted average price is down $0.42 at $75.61 per cwt with the range from $68.00 to $76.00 on 8,150 head reported sold. Cash prices lower on the Iowa/Minnesota Direct morning cash hog report. The weighted average price is down $0.96 at $75.86 per cwt with the range from $74.00 to $76.00 on 2,115 head reported sold. Pork values moved higher despite strong pressure in rib cuts once again. Pork cutouts added $0.79 per cwt at $84.44 per cwt with 164 loads traded. Lean hog index for 6/3 is $80.90, down 0.38, with a projected two-day index remains unreported.
 |
| #completeherdhealth |
No comments:
Post a Comment