General Comments
The livestock complex's rally didn't last very long as all three markets have lower trading contracts. But even though the cattle contracts have some resistance floating atop the marketplace, feeder cattle contracts, and some nearby live cattle contracts are willing to cautiously flirt with the idea of trading higher. July corn is up 1/2 cent per bushel and July soybean meal is up $0.70. The Dow Jones Industrial Average is down 679.77 points and NASDAQ is down 226.67 points.
LIVE CATTLE
Nearby live cattle contracts are adamant in trading higher and not giving up what Tuesday secured while deferred contracts are trading mildly lower. August live cattle are up $0.05 at $97.25, October live cattle are up $0.52 at $100.40 and December live cattle are up $0.55 at $104.07.
There's been a light to moderate trade reported at midday with Norther cattle selling for $155 to $156, and Southern cattle selling for $97. Asking prices are around $102 to $105 in the South and $160 in the North.
The Fed Cattle Exchange Auction listed a total of 1,221 head, with 276 actually sold, 945 head listed as unsold, and none listed as PO (Passed Offer). The state by state breakdown looks like this: Kansas 626 total head, with 192 head sold at $97.00, 434 head unsold; Nebraska 278 total head, with 84 head sold at $95.00, 194 head unsold; Texas 317 total head consisting of one lot, that did not sale. All cattle were set for 1-17 day delivery and had a weighted average of $96.43.
Boxed beef prices are lower: choice down $2.27 ($209.54) and select down $1.33 ($202.24) with a movement of 111 loads (59.38 loads of choice, 20.29 loads of select, 12.26 loads of trim and 18.65 loads of ground beef).
FEEDER CATTLE
The feeder cattle market will trade throughout Wednesday knowing all too well that Thursday carries a tremendous amount of pressure as two major feeder cattle auctions take place. If the board can close with some positivity the moral throughout the countryside will feel a little bit better as everyone tunes in to watch Thursday's feeder cattle sales. August feeders are up $0.17 at $133.37, September feeders are up $0.02 at $134.50 and October feeders are down $0.10 at $135.32.
LEAN HOGS
The lean hog complex's strength from Tuesday didn't seep into Wednesday's trade as both the cash market and futures contracts trade lower. July lean hogs are down $0.92 at $45.97, August lean hogs are down $1.20 at $51.32 and October lean hogs are down $0.82 at $50.10. Despite the markets being lower the fact that pork cutout values are up near $1.00 is a strong sign -- now hopefully prices can close stronger showing a sheer demand from consumers.
The projected lean hog index for 6/23/2020 is up $0.07 at $45.10 and the actual index for 6/22/2020 is up $0.11 at $45.17. Hog prices are lower on the National Direct Morning Hog Report, down $0.13 with a weighted average of $28.53, ranging from $24.00 to $30.00 on 5,395 head and a five-day rolling average of $28.51. Pork cutouts total 197.10 loads with 163.76 loads of pork cuts and 33.34 loads of trim. Pork cutout values: up $0.95, $64.13.
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