Monday and Tuesday's ambition ran short heading into Wednesday's market as the most of livestock contracts trade lower heading into midday. The contracts have thus far been able to hold onto most of what they gained over the last two days, and the downward trade has been mostly modest in its move. July corn is down 2 1/2 cents per bushel and July soybean meal is down $1.10. The Dow Jones Industrial Average is up 541.75 points and NASDAQ is up 292.21 points.
The biggest news affecting the livestock markets came late Tuesday evening as President Trump signed executive orders that packing plants will not shut down. The order effectively deems that if plants are following the worker safety guidelines from the CDC -- then they are to remain open so that the nation's food supply isn't disrupted any more.
LIVE CATTLE
Live cattle contracts are trading mostly lower, though only ranging $0.12 to $0.47. June live cattle are down $0.47 at $84.27, August live cattle are steady at $90.52 and October live cattle are down $0.30 at $95.50. The Fed Cattle Exchange hasn't seem to inspire any trade throughout the countryside yet, feeders are hoping to learn more about the president's plan before the week's trade is over.
Wednesday's Fed Cattle Exchange Auction listed a total of 4,484 head, with 818 actually sold, 3,666 head listed as unsold, and zero head listed as PO (Passed Offer). The state by state breakdown looks like this: Kansas 1,494 total head, with 174 head sold at $100.00, 1,320 head unsold; Nebraska 885 total head, with 234 head sold at $94.50-$95.00, 651 head unsold; Texas 839 total head, with 225 head sold at $95.50, 614 head unsold; Oklahoma 1,266 total head, with 185 head sold at $100.00, 1,081 head unsold.
The delivery date/weighted averages breakdown is as listed: one-9-day delivery: 836 head total, 174 head sold, with a weighted average price of $100.00; one-17-day delivery 3,572 head total, 644 head sold, with a weighted average price of $96.57; 10-17 day delivery 76 head total, none sold.
Boxed beef prices continue to climb higher: choice up $16.98 ($347.80) and select up $11.37 ($332.35) with a movement of 56 loads (33.07 loads of choice, 6.01 loads of select, 3.09 loads of trim and 13.47 loads of ground beef).
FEEDER CATTLE
The feeder cattle contracts have been able to hold half of the complex higher while the other half of the complex trades modestly lower. May feeders are $0.15 higher at $118.65, August feeders are up $0.02 at $127.95 and September feeders are down $0.02 at $129.32. So long as the complex doesn't start to trade sharply lower, sale barns should be able to market and sell their calves without too much difficulty.
LEAN HOGS
The midday market took the steam out of the lean hog complex. Deferred contracts are trading upward of $2.00 lower and the cash market traded somewhat lower Wednesday morning as well. June lean hogs are down $0.82 at $55.37, July lean hogs are down $1.60 at $58.65 and August lean hogs are down $2.22 at $61.50.
The projected lean hog index for 4/28/2020 is up $2.54 at $52.26, and the actual index for 4/27/2020 is up $0.74 at $49.72. Hog price are lower on the National Direct Morning Hog Report, down $0.49 with a weighted average of $35.52, ranging from $32.00 to $35.99 on 4,281 head sold and a five-day rolling average of $34.47. Pork cutouts total 159.67 loads with 136.48 loads of pork cuts and 23.18 loads of trim. Pork cutout values: down $1.19, $87.30.
 |
| #completeherdhealth |
No comments:
Post a Comment