General Comments
Pushing forward into the noon hour, livestock contracts keep their vigorous pace and trend higher in all three markets. Cash hogs are trading slightly higher, but the cash cattle market is undecided how where exactly prices should land for the week. Heading into the afternoon it wouldn't be surprising to see more interest arise. September corn is up 11 1/2 cents per bushel and July soybean meal is up $4.30. The Dow Jones Industrial Average is up 52.27 points and NASDAQ is up 136.79 points.
LIVE CATTLE
Live cattle contracts have jumped on the bandwagon of trading higher even though cash cattle trade is bound to develop lower again this week. August live cattle are up $0.37 at $96.85, October live cattle are up $0.42 at $100.45 and December live cattle are up $0.55 at $104.35. Some cattle have been bid on in Iowa for $96 live and $152 dressed, and in Nebraska for $153 to $155. Trade has been sparse thus far through the week, but more trade could develop through the afternoon.
Boxed beef prices are mixed: choice down $0.23 ($208.13) and select up $0.76 ($201.47) with a movement of 99 loads (41.42 loads of choice, 12.45 loads of select, 6.76 loads of trim and 38.33 loads of ground beef).
FEEDER CATTLE
Feeder cattle contracts played hard ball all throughout Monday but have came around to trading higher through part of Tuesday's early hours. August feeders are up $0.17 at $133.67, September feeders are up $0.45 at $134.65 and October feeders are up $0.22 at $135.35. Upon chatting with some country feeder cattle buyers, most are apprehensive about sticking their necks out there too far on calves right now despite cheap corn and last week's stronger sale averages.
LEAN HOGS
Lean hog contracts are taking Tuesday's debut with stride as the entire complex trades higher and the nearby contracts are seeing over $1.00 gains through the months of October 2020 to February 2021. The spot July contract is facing some pressure but with the contract set to expire in fifteen days, traders are more interested in seeing what's happening in the upcoming months. July lean hogs are down $0.22 at $45.10, August lean hogs are up $0.37 at $48.82 and October lean hogs are up $1.25 at $48.70.
The projected lean hog index for 6/29/2020 is up $0.01 at $45.24, and the actual index for 6/26/2020 is steady at $45.23. Hog prices are higher on the National Direct Morning Hog Report, up $0.03 with a weighted average of $28.34, ranging from $24.00 to $30.13 on 5,191 head and a five-day rolling average of $28.61. Pork cutouts total 234.70 loads with 214.95 loads of pork cuts and 19.75 loads of trim. Pork cutout values: down $1.61, $63.60.
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