General Comments
As the morning has progressed feeder cattle contracts have regressed, absorbing the fear of the live cattle contracts and a weaker cash cattle market. Heading into the noon hour all three contracts are trading lower with very little action on the cash cattle market. July corn is down 1/2 cent per bushel and July soybean meal is up $1.10. The Dow Jones Industrial Average is down 74.79 points and NASDAQ is up 15.78 points.
LIVE CATTLE
Live cattle contracts are dropping lower as the day progresses and little optimum is felt throughout the cattle sector. August live cattle are down $1.02 at $95.82, October live cattle are down $0.80 at $99.02 and December live cattle are down $0.75 at $103.10. Some trade has developed throughout Kansas at mostly $102, which is steady with Wednesday's trade. Packers have bid on some cattle in Nebraska at $160, and on some cattle in Iowa at $100 but those bids have yet be taken. Asking prices are around $105 plus in the South, and $170 in the North for the rest of the country. As business has developed in little bunches here and there, trade is expected to trickle in throughout the week like it has now for the last couple of weeks.
Boxed beef prices are lower: choice down $4.29 ($213.64) and select down $2.02 ($206.06) with a movement of 131 loads (73.05 loads of choice, 18.46 loads of select, 2.60 loads of trim and 36.81 loads of ground beef).
FEEDER CATTLE
Feeder cattle contracts started the day out strong rallying despite seeing the weakness in the live cattle contracts, but as the day has progressed feeder cattle contracts have lost their momentum and are trading lower at midday. August feeders are down $0.85 at $132.72, September feeders are down $1.05 at $133.90 and October feeders are down $1.02 at $134.70. Despite the back-and-forth trade throughout the cattle contracts and the cash cattle market, over the last couple of days the Northern plains have had another prayer answered as the countryside has gotten some rain. Rain has a way of helping cattlemen's moral equally as influential as a robust market.
LEAN HOGS
The lean hog complex is having another day of mostly lower trade though some deferred contracts are seeing some minute strength. July lean hogs are down $0.10 at $49.55, August lean hogs are down $0.25 at $52.92 and October lean hogs are down $0.25 at $50.97. A week from today; next Thursday, June 25th is the unveiling of the quarterly hogs and pigs report which could greatly affect the marketplace as it will be the first estimate of inventory since the mass herd reduction.
The projected lean hog index for 6/16/2020 is down $0.73 at $47.37 and the actual index for 6/15/2020 is down $0.28 at $48.10. Hog prices are lower on the National Direct Morning Hog Report, down $0.16 with a weighted average of $28.54, ranging from $25.00 to $30.00 on 4,349 head and a five-day rolling average of $29.03. Pork cutouts total 255.08 loads with 230.48 loads of pork cuts and 24.59 loads of trim. Pork cutout values: up $1.02, $66.49.
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