GENERAL COMMENTS:
Livestock enthusiasts could get used to seeing the livestock complex trade like it did Monday! The lean hog market fared the best as both the cash and futures complex closed higher. Hog prices closed higher on the National Direct Afternoon Hog Report, up $0.69 with a weighted average of $34.81, ranging from $31.00 to $37.00 on 5,649 head sold. July corn is down 9 3/4 cents per bushel and July soybean meal is down $1.10. The Dow Jones Industrial Average is up 358.51 points and NASDAQ is up 95.64 points.
LIVE CATTLE:
Live cattle contracts grew more strength in nearby contracts as Monday afternoon came to a close. June live cattle closed $1.42 higher at $84.05, August live cattle closed $1.50 higher at $90.40 and October live cattle closed $1.30 higher at $95.77. As for cash cattle trade, there was a little trade that developed in parts of Nebraska for $150, but it wasn't enough to develop any sort of trend for the week. This week's asking prices have yet to surface and it's most likely that trade waits to develop until the later part of the week.
Boxed beef prices close higher: choice up $18.47 ($311.84) and select up $19.76 ($298.78) with a movement of 96 loads (53.87 loads of choice, 19.49 loads of select, 11.30 loads of trim and 11.74 loads of ground beef). Monday's slaughter is estimated at 81,000 head, down 5,000 head from a week ago and 39,000 head less than a year ago.
TUESDAY'S CASH CATTLE CALL: Steady. With showlists larger again this week, its hard for prices to be much better than steady.
FEEDER CATTLE:
Feeder cattle contracts closed the day out strong, raising prices $0.40 to $0.92. May feeders closed $0.70 stronger at $118.15, August feeders closed $0.87 higher at $127.27 and September feeders closed $0.92 higher at $128.72. The coffee talk around sale barns this week is knowing when grass buyers are going to be stocked. While buyers continue to buy and find cattle for summer grass, the market has been relatively active, but the concern is that when buyers are stocked up for the summer that prices are going to get soft, and in a hurry.
At Sioux Falls Regional Cattle Auction in Worthing, South Dakota, compared to last week, feeder steers sold $2.00 to $4.00 lower. Feeder heifers under 600 pounds were not well tested, but 600 to 700 pound heifers sold $5.00 to $10.00 lower and heifers over 700 pounds sold steady to $3.00 lower. Demand was moderate, quality was strong and cattle were in the right condition to go to grass. The market was most active on the packages of light weight cattle as those cattle simply have more options than those bigger cattle that are only suitable for finishing yards. The CME feeder cattle index 4/24/2020: down $0.24, $119.72.
LEAN HOGS:
Most of the lean hog contracts took advantage of the new CME hog limit, closing largely $3.75 higher. The day's progression was thankfully absorbed throughout the entire market as both cash prices and the board closed higher. June lean hogs closed $3.75 higher at $55.27, July lean hogs closed $3.75 higher at $58.42 and August lean hogs closed $3.75 higher at $62.07. For the contracts that closed limit higher, Tuesday's market will expand to $5.50 and if the Monday's momentum can carry into Tuesday, the hog market will undoubtedly take it. Pork cutouts total 294.10 loads with 270.36 loads of pork cuts and 23.74 loads of trim. Pork cutout values: up $6.23, $83.71. Monday's slaughter is estimated at 318,000 head, 47,000 head less than a week ago and 150,000 head less than a year ago. The CME lean hog index 4/23/2020: up $1.44, $47.72.
TUESDAY'S CASH HOG CALL: Steady. Seeing that Monday captured two gains in the cash market -- higher in the morning and higher in the afternoon -- it wouldn't be surprising to see Tuesday's market simply trade steadily.
 |
| #completeherdhealth |
No comments:
Post a Comment