Livestock contracts remain extremely hesitant and reluctant to trade higher as the week still has a lot to present before the market can be confident enough to trade higher. The countryside thus far as opted to sit-back and wait patiently as bids and asking prices are yet to be established. July corn is down 3 3/4 cents per bushel and July soybean meal is down $0.50. The Dow Jones Industrial Average is up 124.30 points and NASDAQ is up 81.44 points.
LIVE CATTLE
Live cattle prices are feeling the Monday blues as the complex trades steadily lower. August live cattle are down $0.80 at $94.60, October live cattle are down $0.77 at $98.20 and October live cattle are down $0.67 at $98.17. Cash cattle trade has yet to spark interest of packers or feeders as bids and asking prices have to be established. Showlists are expected to larger in Nebraska/Colorado but smaller in the South.
USDA National Weekly Direct Slaughter Cattle -- Negotiated Purchases shared that last week packers bought 115,693 head of cash cattle. Of that 101,495 head are for delivery in the next two weeks and the remaining 14,198 head are for delivery in the following 15 to 30 days.
Last week's boxed beef prices averaged the lowest the market's seen since the week of April 11, when we first started to see prices creep higher. For the week of April 11, choice cuts averaged $2.2537 and select cuts averaged $2.1209 that week. Last week choice cuts averaged $2.2034 and select cuts averaged $2.0872.
Boxed beef prices are higher: choice up $0.08 ($213.80) and select up $1.58 ($205.49) with a movement of 78 loads (36.40 loads of choice, 17.37 loads of select, 10.05 loads of trim and 13.77 loads of ground beef).
FEEDER CATTLE
Feeder cattle enthusiasts are pouring their coffee strong this week and hoping that no one notices them chain smoking back behind the barn. As three of the nation's largest auctions host specialty feeder cattle sales; Northern Livestock Video Auction, Superior Livestock and Western Video Market, the market is going to be put to the test. As the clock nears noon the feeder cattle market hasn't been keen on trading higher but has rather instead chosen to trade lower. August feeders are down $0.80 at $131.75, September feeders are down $0.65 at $133.27 and October feeders are down $0.62 at $134.22.
LEAN HOGS
The lean hog market may be especially quiet until after Thursday's unveiling of the quarterly hogs and pigs report. Producers and traders alike will be monitoring the report as it will a clearer look at the nation's inventory amid COVID-19. Thus far the lean hog contracts haven't been overly optimistic as nearby contracts fall to nearly $2.00 losses and the rest of the complex tries to balance near $1.00 losses. July lean hogs are down $1.92 at $46.52, August lean hogs are down $1.82 at $50.97 and October lean hogs are down $0.85 at $50.00.
The projected lean hog index for 6/19/2020 is down $0.55 at $45.06 and the actual index for 6/18/2020 is down $0.83 at $45.61. Hog prices are not available on the National Direct Morning Hog Report due to packer submission problems. Pork cutouts total 194.26 loads with 175.54 loads of pork cuts and 18.72 loads of trim. Pork cutout values: up $6.98, $71.62.
 |
| #completeherdhealth |
No comments:
Post a Comment