General Comments
As Tuesday progresses, cattle contracts are taking the day with stride while the lean hog complex is feeling immense pressure in nearby contracts. Some cash cattle trade is lightly developing throughout the countryside; and unfortunately for lower prices yet again. July corn is down 1/4 cent per bushel and July soybean meal is down $0.10. The Dow Jones Industrial Average is up 524.32 points and NASDAQ is up 159.73 points.
LIVE CATTLE
Live cattle contracts continue to trade higher into Tuesday afternoon with the most support rallying in deferred contracts. June live cattle are up $0.42 at $96.50, August live cattle are up $0.57 at $96.57 and October live cattle are up $0.90 at $99.55. June and August contracts are still trading oddly with the August contract being slightly stronger than June, which goes against all fundamental logic as everyone knows that August anticipates the largest fed cattle supplies. Cash cattle trade is sticking with it lower transition and a few more deals have surfaced come Tuesday. Some dressed cattle in Nebraska are selling for $158 which is $1.00 lower than Monday's prices. A light round of trade developed Monday in the North for $158 to $167 and in the South for $98 to $100.
Boxed beef prices are mixed: choice up $0.66 ($229.27) and select down $0.87 ($213.48) with a movement of 96 loads (56.54 loads of choice, 20.24 loads of select, 4.34 loads of trim and 15.33 loads of ground beef).
FEEDER CATTLE
Feeder cattle contracts are heading into Tuesday afternoon with a little more gusto as support has developed on both sides of the spectrum. Feeder cattle sales sold without hesitation Monday afternoon and as the board closed higher, traders saw Tuesday's opening as a window of opportunity. August feeder cattle are up $0.70 at $131.87, September feeders are up $0.85 at $133.42 and October feeders are up $0.97 at $134.52.
LEAN HOGS
Monday may have led the lean hog complex higher, but Tuesday is scaling lower, giving back what the complex gained Monday and last week. July lean hogs are down $3.02 at $49.25, August lean hogs are down $2.52 at $52.75 and October lean hogs are down $2.10 at $51.12. Traders are looking at the cattle contract mid-Tuesday as that market is showing some optimism for the meanwhile.
The projected lean hog index for 6/15/2020 is down $0.28 at $48.10, and the actual index for 6/12/2020 is down $0.59 at $48.38. Hog prices are lower on the National Direct Morning Hog Report, down $0.95 with a weighted average of $28.83, ranging from $25.00 to $30.64 on 4,715 head and a five-day rolling average of $29.69. Pork cutouts totaled 298.58 loads with 271.71 loads of pork cuts and 26.87 loads of trim. Pork cutout values: up $0.41, $65.87.
 |
| #completeherdhealth |
No comments:
Post a Comment