GENERAL COMMENTS
Heading into Monday's noon hour, livestock contracts continue to trade mostly higher with some pushback in nearby lean hog contracts. Thus far the market has been mostly uneventful with a consensus that an uptick in prices is comfortable for the market but seeing that the cash hog market traded slightly lower could be where some of the resistance in the lean hog market is stemming from. July corn is up 1/4 cent per bushel and July soybean meal is down $2.00. The Dow Jones Industrial Average is up 813.50 points and NASDAQ is up 210.53 points.
LIVE CATTLE
Live cattle contracts trade mostly higher although the initial hours of Monday were stronger than prices are heading into the afternoon. June live cattle are up $0.52 at $97.52, August live cattle are up $0.12 at $97.95 and October live cattle are up $0.02 at $100.37. Last week was a good week for cash cattle as prices rallied anywhere from $5.00 to $15.00 stronger and potentially even more encouraging than that was that last week's total negotiated cash cattle purchased totaled 103,413 head all for the one-to-14-day delivery. Show lists this week are somewhat higher in Kansas while higher in Texas, Nebraska and Colorado.
Packers continue to work at the backed-up supply of fed cattle and last week's slaughter was just shy of 500,000 head -- last week's slaughter totaled 499,000 head, which was 10.4% higher than the previous week.
Boxed beef prices are lower: choice down $17.13 ($417.19) and select down $25.25 ($393.81) with a movement of 123 loads (64.28 loads of choice, 17.54 loads of select, 14.96 loads of trim and 26.17 loads of ground beef).
FEEDER CATTLE
Feeder cattle contracts have rallied throughout the day but are needing encouragement and substantial, evident support to push contracts higher than what they are currently trading at. May feeders are up $1.85 at $126.57, August feeders are up $1.30 at $132.22 and September feeders are up $0.82 at $133.57. The countryside is willing to move the market higher as buyers see the opportunity in buying calves at the prices they are and the good condition in which grass is growing throughout most of cow-calf country.
LEAN HOGS
The lean hog market isn't as keen to trading fully higher as cattle contracts are but most of the complex is still trading higher with just some mild pushback in nearby contracts. June lean hogs are steady at $57.87, July lean hogs are down $0.30 at $57.45 and August lean hogs are up $0.27 at $56.67. The lean hog market has been swift about trying to get control on the growing supply of readily available hogs. It was encouraging to see that last week's slaughter was 18.5% higher than the previous week's, totaling 2,103,000 head processed.
The projected lean hog index is not available due to packer submission problems. Hog prices are lower on the National Direct Morning Hog Report, down $0.16 with a weighted average of $36.90, ranging from $35.00 to $38.01 on 6,869 head sold and a five-day rolling average of $37.16. Pork cutouts total 208.56 loads with 187.22 loads of pork cuts and 21.35 loads of trim. Pork cutout values: down $0.32, $109.80.
 |
| #completeherdhealth |
No comments:
Post a Comment