GENERAL COMMENTS:
As Wednesday comes to close, the market hangs its hat on another day of positive movement in the futures market. Thursday will pressure the market and see if there's enough support to keep moving higher or if the traders who are invested are good with where the market sits. Hog prices are lower on the National Direct Afternoon Hog Report, down $1.57 with a weighted average of $37.82 on 5,363 head. July corn is up 1 1/2 cents per bushel and July soybean meal is down $1.90. The Dow Jones Industrial Average is up 553.16 points and NASDAQ is up 72.14 points.
LIVE CATTLE:
The live cattle complex took advantage of Wednesday's rallied support and closed above $100 throughout the complex. June live cattle closed $1.40 higher at $100.80, August live cattle closed $1.47 higher at $100.72 and October live cattle closed $1.22 higher at $102.85. The concerning facet of the market is that total open interest is dwindling and cash cattle prices seem to be pulling up the reins and keeping the week at steady for a change. Cash cattle traded Wednesday afternoon all throughout the five-state area. In Kansas live cattle sold for $115 to $120. In Nebraska dressed cattle sold for $178 to $190, with quite a few cattle at $180. Texas sold some live cattle for $120. Iowa sold dressed cattle for $174 to $190. Wednesday's slaughter is estimated at 110,000 head, 9,000 head more than a week ago and 12,000 head less than a year ago.
Boxed beef prices closed lower: choice down $7.72 ($377.77) and select down $9.82 ($350.20) with a movement of 175 loads (90.76 loads of choice, 24.38 loads of select, 14.11 loads of trim and 45.99 loads of ground beef).
THURSDAY'S CASH CATTLE CALL: Steady. Seeing that the week has already had a large volume of cash cattle trade, prices will most likely continue to fall within the ranges already set.
FEEDER CATTLE:
Feeder cattle contracts liked the day's window of opportunity and took it without looking back. Fat cattle prices are trading steady and the live cattle contracts are trading higher as well, which gave the feeder cattle contracts enough support and security that higher cards were to be played Wednesday. August feeders closed $0.72 higher at $134.02, September feeders closed $0.65 stronger at $135.07 and October feeders closed $0.60 higher at $135.92. At Winter Livestock in Dodge City, Kansas, compared to last week, feeder steers weighing 750 to 850 pounds sold steady to $3.00 higher, steers weighing more than 850 pounds sold $2.00 to $3.00 lower. Feeder heifers weighing 650 to 700 pounds and 850 to 900 pounds sold $1.00 to $2.00 higher, heifers weighing 750 to 800 pounds sold steady to $1.00 lower. Slaughter cows and bulls sold $1.00 to $2.00 higher. The CME feeder cattle index 5/26/2020: down $0.33, $126.11.
LEAN HOGS:
The lean hog contracts felt some pressure in the nearby contracts but closed mostly higher for the day. June lean hogs closed $0.32 lower at $60.17, July lean hogs closed $0.27 lower at $59.30 and August lean hogs closed $0.45 higher at $57.60. Cash prices and cutout values are getting pinched as the heavy supply of market-ready hogs continues to be a burden. Pork cutout total 403.70 loads with 357.78 loads of pork cuts and 45.92 loads of trim. Pork cutout values: down $8.62, $88.82. Wednesday's slaughter is estimated at 415,000 head, 18,000 head more than a week ago and 46,000 head less than a year ago. The CME lean hog index 5/22/2020: down $1.15, $62.30.
THURSDAY'S CASH HOG CALL: Steady to slightly lower. Seeing a downward will most likely be the case in the hog industry as packers are processing more and more meat trying to get back to a current market.
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