General Comments
As the week meets Wednesday livestock contracts have traded lower throughout the day and cash cattle trade is slowly starting to show some interest. Seeing that the futures market is lower throughout all three contracts, the day may very well close with this negative trend and cash cattle enthusiasts don't have much luck on their side this week.
July corn is down 1 1/2 cents per bushel and July soybean meal is up $1.70. The Dow Jones Industrial Average is down 136.17 points and NASDAQ is up 64.59 points.
LIVE CATTLE
Live cattle contracts are trading lower as the market feels pressured from the lack of cash cattle trade this week and knowing that with weakening boxed beef prices a weaker market is in store. June live cattle are up $0.22 at $96.55, August live cattle are down $1.10 at $96.70 and October live cattle are down $0.95 at $99.62. Some light trade has been reported in parts of North at $165 to $167, generally steady with Tuesday's light trade. In other areas bids remain scarce. Asking prices are around $115 to $118 in the South, and $180 plus in the North. Light business is also being reported in parts of the South at $108, $4 lower than last week's weighted averages.
The Fed Cattle Exchange Auction listed a total of 1,447 head, with 228 actually sold, 1,219 head listed as unsold, and 0 head listed as PO (Passed Offer). The state by state breakdown looks like this: Kansas 824 total head, all went unsold; Nebraska 123 total head, all went unsold; Texas 500 total head, with 228 head sold at $105.00, 272 head were unsold. The delivery date/weighted averages breakdown is as listed: 1-9 day delivery: 288 head total, none sold; 1-17 day delivery 1,159 head total, 228 head sold, with a weighted average price of $105.00.
Boxed beef prices are lower: choice down $8.40 ($238.60) and select down $0.49 ($227.46) with a movement of 136 loads (88.75 loads of choice, 18.75 loads of select, 9.51 loads of trim and 19.25 loads of ground beef).
FEEDER CATTLE
Feeder cattle contracts struggle through the first half of Wednesday as lower movements on the board and a softer cash cattle market doesn't aid in elevating feeder cattle prices. August live cattle are down $2.22 at $132.02, September feeder cattle are down $2.15 at $133.40 and October feeder cattle are down $1.90 at $134.12. Unless scheduled as specialty sales, sale barns are starting to see lighter runs of feeders as producers are starting to hit the fields and are tending to other projects as summer begins.
LEAN HOGS
The lean hog complex is struggling with the same pressure that cattle contracts are, but deferred contracts are yielding more to Wednesday's pressure than nearby contracts. July lean hogs are up $0.10 at $53.07, August lean hogs are down $0.40 at $56.40 and October lean hogs are down $0.95 at $53.95. Without much excitement filtrating through the market this week, the same pressures of an exuberant supply and little desire from packers to compete in the cash market keep the lean hog contracts trading lower.
The projected lean hog index for 6/9/2020 is down $0.59 at $51.18 and the actual index for 6/8/2020 is down $0.16 at $51.77. Hog prices are lower on the National Direct Morning Hog Report, down $0.84 with a weighted average of $29.92, ranging from $27.00 to $31.50 on 3,882 head and a five-day rolling average of $31.34. Pork cutouts total 291.26 loads with 274.09 loads of pork cuts and 17.17 loads of trim. Pork cutout values: down $0.24, $69.02.
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