Though the entire livestock complex seems to be checked out and ready for the weekend, cash cattle trade has picked up and is trading $5.00 higher than last week's weighted average in parts of Nebraska. Feeder cattle, lean hogs and corn contracts continue to trade lower. December corn is down 3 1/4 cents per bushel and December soybean meal is up $1.80. The Dow Jones Industrial Average is up 236.38 points and NASDAQ is up 75.16 points.
LIVE CATTLE
The board may be lower but feedlots positioned themselves strategically this week to still rally higher fat cattle prices regardless of what the board does. December live cattle opened Friday morning at $110.65 and have bumped to $111.00. Bids of $107 have been placed in Kansas, Texas and Iowa, and Nebraska sold steers Friday morning for $170 dressed ($5 higher than last week's weighted average). Very light trade has happened in the South at the noon hour for $107, $1 higher than Thursday's trade, and $4 higher than last week's weighted average. Feedlots should be happy with these prices and depending on how long managers decide to sit on those bids of $107, $1 higher may still be in the equation for this week.
Midday boxed beef prices are slightly lower: choice down $0.06 ($212.00) and select down $0.07 ($187.14). Friday's offering of boxed beef movement totaled 57 loads (28.53 loads of choice cuts, 10.31 loads of select cuts, 8.30 loads of trim and 9.69 loads of ground beef).
FEEDER CATTLE
November feeder cattle opened Friday morning at $142.20 and have since slipped to $141.60. Given the time of year it is, cow-calf producers want to see the feeder cattle market as high as possible and see lower corn prices as an incentive for feedlots to jump on the board and start filling their pens. Current feeder prices are higher than both the 40-day $137.69 and 100-day $138.19.
LEAN HOGS
Regardless of how pork cutout values move, lean hog contracts can't get around larger hog supplies and unsure trade agreement, so the board is down again. December lean hogs opened Friday morning at $67.90 and have since slipped to $66.67. Nearby and deferred contracts all post losses ranging anywhere from $0.45 to $1.50.
Projected lean hog index for 10/3/19 is up $0.51 at $59.23 and the actual lean hog index for 10/2/10 came to $58.72, up $0.89. Prices are down $0.93 on the National Direct Morning Hog Report with a weighted average of $49.02, ranging from $44.00 to $50.00 on 6,021 head sold and a five-day rolling average of $49.12. Pork cutouts totaled 126.89 loads with 105.59 loads of pork cuts and 21.30 loads of trim. Pork cutout values came in $0.48 higher at $75.84.
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