General Comments
Good-bye Monday, hello Tuesday! The livestock complex was dull throughout Monday's trade but as Tuesday developed into a new day, support has rallied throughout all three contracts and has even rallied the cash hog market. As the noon hour approaches it will be important to watch and see if this optimism maintains through closing. July corn is down 2 3/4 cents per bushel and July soybean meal is up $0.50. The Dow Jones Industrial Average is up 208.67 points and NASDAQ is up 129.29 points.
LIVE CATTLE
Live cattle prices are rallying alongside the rest of the livestock contracts, but the board hasn't been able to spark cash cattle trade yet this week. August live cattle are up $2.42 at $97.52, October live cattle are up $1.72 at $100.30 and December live cattle are up $1.42 at $103.47. Bids and asking prices are still unknown for the week and at this point its looking like cash trade may wait until later in the week to really test the market. Even if cash cattle trade steady this week instead of fully lower the market will take that as win as everyone knows that the summer season brings weaker cash cattle prices.
Boxed beef prices are lower: choice down $1.75 ($212.31) and select down $0.26 ($204.04) with a movement of 107 loads (46.08 loads of choice, 18.96 loads of select, 14.84 loads of trim and 27.21 loads of ground beef).
FEEDER CATTLE
The support that has flooded through the livestock contracts couldn't come at a better time for the feeder cattle complex. As cattlemen wait to see how feeders do on Northern's Livestock Video Auction and Superior's Livestock Sale both on Thursday, a strong shot of optimism from the board will gladly be taken. August feeders are up $2.80 at $134.60, September feeders are up $2.72 at $135.80 and October feeders are up $2.45 at $136.62. If feeders had all their wishes come true, the board would rally through the end of the week which would encourage buyers and help boost prices - but knowing the pressures of the marketplace make that dream seem a little out of reach, but cattlemen will gladly take any support that they can muster in the next couple of days.
LEAN HOGS
Monday may have been lackadaisical, but the lean hog complex is taking Tuesday with stride and is rallying not only on the board but also throughout the cash market. July lean hogs are up $0.10 at $46.92, August lean hogs are up $1.22 at $52.32 and October lean hogs are up $0.77 at $50.67. If the market is able to hold its cash rally through closing, the market's excitement may be able to seep into Wednesday and promote positive trade again. The lean hog market has endured a lot of pressure amid COVID-19 and the built-up supply that this burst of support is equally as important for the market as it is for the moral of producers as well.
The projected lean hog index for 6/22/2020 is up $0.11 at $45.17 and the actual index for 6/19/2020 is down $0.55 at $45.06. Hog prices are higher on the National Direct Morning Hog Report, up $0.26 with a weighted average of $28.65, ranging from $24.00 to $30.00 on 5,376 head and a five-day rolling average of $28.50. Pork cutouts total 301.12 loads with 271.06 loads of pork cuts and 30.06 loads of trim. Pork cutout values: down $0.85, $63.99.
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