General Comments
Heading into Wednesday's noon hour the livestock complex continues to press full-steam ahead and trade higher in all three contracts. The market has seems to be thriving coming back to the week with energy and optimism.
July corn is up 3/4 cent per bushel and July soybean meal is down $1.40. The Dow Jones Industrial Average is up 253.49 points and NASDAQ is down 70.36 points.
LIVE CATTLE
It's been a while in the making but Wednesday morning nearby live cattle contracts were finally able to break past the $100 resistance and trade higher throughout the entire marketplace. June live cattle are up $1.47 at $100.82, August live cattle are up $1.35 at $100.60 and October live cattle are up $1.20 at $102.82. The cash cattle market continues to trade mostly steady with last week's trade and some light trade has developed in nearly every feeding region. Southern live cattle are trading at $120 live and dressed cattle in the North are selling for $190. Asking prices are around $120 to $125, and dressed cattle are priced at $190 to $195.
The Fed Cattle Exchange Auction listed a total of 1,164 head, four lots in Texas, totaling 801 head, and three lots in Kansas, totaling 363 head. No cattle actually sold. Asking prices ranged from $115 to $120. All were set for one-to-17-day delivery.
Boxed beef prices are lower: choice down $5.92 ($379.57) and select down $7.11 ($352.91) with a movement of 102 loads (56.65 loads of choice, 12.18 loads of select, 7.18 loads of trim and 25.88 loads of ground beef).
FEEDER CATTLE
Heading into the second day of the week and the second day of a notable rally for the feeder cattle contracts. August feeders are up $1.12 at $134.42, September feeders are up $0.90 at $135.32 and October feeders are up $0.82 at $136.15. If the feeder cattle contracts continue to rally the market will face some looming resistance around $140, though the market has to gain $4.00 to $6.00 before it has to worry about that. Thankfully this uptick in prices is at the perfect time for sale barns as prices seem to be gaining slowly but surely throughout the countryside.
LEAN HOGS
Hog prices are rallying modestly, and their slow progression seems to bring a sense of assurance into the marketplace. June lean hogs are up $0.25 at $60.75, July lean hogs are up $0.27 at $59.85 and August lean hogs are up $0.92 at $58.07. cattle contracts may be rallying at somewhat of a stronger pace, but the nearby lean hog contracts have been able to rally over the last five trading days recovering a fair bid of position in the contracts.
The projected lean hog index for 5/25/2020 is up $0.23 at $62.53 and the actual index for 5/22/2020 is down $1.15 at $62.30. Hog prices aren't available on the National Direct Morning Hog Report due to confidentiality. Pork cutouts total 249.09 loads with 225.27 loads of pork cuts and 24.09 loads of trim. Pork cutout values: down $6.16, $91.28.
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