The futures complex may be sitting idly after Thursday's surge, but truly it is best for the market to take a day and pause rather than crashing higher and lower all in a matter of 48 hours. However, with that being said, the cash markets are ready to trade and are trading fully higher. March corn is up 1 cent per bushel and March soybean meal is down $3.70. The Dow Jones Industrial Average is up 58.79 points and NASDAQ is down 4.54 points.
LIVE CATTLE
When it rains, it sometimes pours for cash cattle trade. Seeing that feeders weren't going to take the lower bids that packers initially set, packers have upped their ante and are buying cattle for more money.
Fats in the South are bid at $119 to $120, while asking prices remain firm at $123. But cattle in the North have wasted no time Friday morning, selling anywhere from $195 to $197. Some cattle have been sold with time for the weeks of 1/6/20 and 1/13/20. Either way, feeders are feeling a little pep in their step as they walk into 2020 with a strong cash cattle market. December live cattle contracts are up $0.20 at $123.47, February live cattle are down $0.12 at $126.67 and April live cattle are down $0.05 at $127.60. It wouldn't be unlikely to see live cattle contracts trade both sides of Thursday's close as the market took a big jump and needs time to reassess.
Boxed beef prices are mixed: choice down $0.83 ($209.32) and select up $0.15 ($205.40) with a movement of 74 loads (47.42 loads of choice, 7.25 loads of select, 7.56 loads of trim and 11.78 loads of ground beef).
FEEDER CATTLE
Opening higher than Thursday's close, feeder cattle contracts are undecided on whether higher or lower trade should be next. January feeders are down $0.05 at $145.40, March feeders are down $0.22 at $144.95 and April feeders are down $0.17 at $147.35. Since Thursday posted such a significant rally in the feeder cattle contract, regardless if fat cattle trade higher or lower, the board is most likely going to sit idle until next week and trade both sides of Thursday's close.
LEAN HOGS
Cash markets are higher but the board isn't singing the same tune. February lean hogs are down $0.87 at $70.02, April lean hogs are down $0.50 at $77.77 and May lean hogs are down $0.40 at $84.10. The cattle complex may not be rallying like it was on Thursday, but the excitement of the market leans toward the cattle complex as cash trade is rallying and being quick about it.
The projected lean hog index for 12/26/19 is down $0.09 at $59.03 and the actual index for 12/24/19 is unchanged at $59.12. Hog prices are higher on the National Direct Morning Hog Report, up $0.11 with a weighted average of $48.78, ranging from $43.00 to $50.00 on 8,100 head sold and a five-day rolling average of $48.61. Pork cutouts total 201.44 loads with 159.58 loads of pork cuts and 41.86 loads of trim. Pork cutout values: up strong, up $3.57 at $79.35.
 |
| #completeherdhealth |
No comments:
Post a Comment