GENERAL COMMENTS:
Cattle contracts warmed up after the noon hour and posted a stronger gain than most assumed they would. Though lean hog contracts didn't see as much of a push heading into the weekend, the hog contracts closed higher as well. Hog prices are lower on the National Direct Afternoon Hog Report, down $0.38 with a weighted average of $40.97 on 4,968 head. December corn is up 1/4 cent per bushel and December soybean meal is down $0.70. The Dow Jones Industrial Average is up 115.41 points and NASDAQ is up 157.47 points.
From Friday to Friday livestock futures scored the following changes:
August live cattle up $1.50, October live cattle up $2.78; August feeder cattle up $2.63, September feeder cattle up $3.47; August lean hogs down, $2.00, October lean hogs down $0.52.
LIVE CATTLE:
Friday's live cattle trade heated up after the noon hour and shot mostly $1.00 higher like the feeder cattle complex. August live cattle closed $1.10 higher at $102.82, October live cattle closed $1.12 higher at $108.87 and December live cattle closed $1.10 higher at $111.55. Aided by the determined strength in the feeder cattle complex and the $1.00 to $2.00 rally in the cash cattle market, the complex felt safe to jump higher into the week's close. Friday's cash cattle trade wasn't as noteworthy as the board's close and the day simply provided an opportunity to clean up some trade here and there. Some cattle in Iowa sold for $160 to $162, in Colorado live for $99 and in Kansas for $96 to $97. Friday's slaughter is estimated at 113,000 head -- steady with a week ago and 2,000 head less than a year ago. Saturday's kill is projected to be around 51,000 head.
Boxed beef prices closed mixed: choice up $1.46 ($203.26) and select down $1.61 ($189.89) with a movement of 98 loads (51.52 loads of choice, 20.81 loads of select, 7.59 loads of trim and 18.44 loads of ground beef).
MONDAY'S CASH CATTLE CALL: Steady to slightly higher. The market can't deny that even though prices have been higher as of late, the backlog of cattle is still very prevalent. However, with some Northern feedlots working their way through backlogged inventory to a more current booking, there's some optimism throughout the industry.
FEEDER CATTLE:
Friday turned the midway point at the noon hour and shot past the resistance at $143.85 to $144 and closed considerably higher. August feeders closed $1.65 higher at $144.67, September feeders closed $1.80 higher at $146.22 and October feeders closed $2.12 higher at $146.65. Friday's close rings prices not seen since early March. Heading into next week the market will be tested to see how true the support is.
As Friday concludes so does Superior's Video Royale Sale in Winnemucca, Nevada, where this week the auction sold 158,200 head of calves, feeder cattle and breeding stock. Throughout the nation, pairs sold for $1,700 to $2,000 and cows sold for $1,150 to $1,350. In Region One (Washington, Idaho, Oregon, Nevada and California) steers weighing 550 to 595 pounds sold for $145 to $176, steers weighing 600 to 640 pounds sold for $146 to $168 and steers weighing 650 to 695 pounds sold for $140 to $174. In Region Two (Montana, Wyoming, North Dakota, South Dakota, Nebraska, Utah and Colorado) steers weighing 550 to 590 pounds sold for $147 to $170.50, steers weighing 600 to 640 pounds sold for $144.50 to $163.50 and steers weighing 650 to 690 pounds sold for $144 to $159. In Region Three (Arizona, New Mexico, Oklahoma, Louisiana and Arkansas) steers weighing 550 to 595 pounds sold for $128.50 to $177, steers weighing 600 to 645 pounds sold for $127 to $164 and steers weighing 650 to 695 pounds sold for $132 to $167. And in Region Four (Minnesota, Iowa, Missouri, Kansas, Wisconsin and Illinois) steers weighing 560 to 575 pounds sold for $159 to $171.50, steers weighing 630 pounds sold for $158 and steers weighing 675 to 695 pounds sold for $142 to $145. The CME feeder cattle index 7/30/2020: not available at this time.
LEAN HOGS:
The lean hog complex struggled throughout the later part of the week to trade higher as interest in the cash market softened and traders' willingness to consider lean hog contracts seemed slim. Thankfully the complex caught a shot of optimism and traded higher throughout Friday, closing the week a tick stronger. August lean hogs closed $0.57 higher at $52.00, October lean hogs closed $1.30 higher at $49.62 and December lean hogs closed $0.60 higher at $50.37. Pork cutouts total 389.03 loads with 350.86 loads of pork cuts and 38.16 loads of trim. Pork cutout values: down $2.26, $65.31. Friday's slaughter is estimated at 474,000 head - 2,000 head more than a week ago and 25,000 head more than year ago. Saturday's slaughter is projected to be around 182,000 head. And Thursday's hog slaughter was revised to 480,000 head. The CME lean hog index 7/29/2020: up $0.61, $53.56.
MONDAY'S CASH HOG CALL: Steady to slightly weaker. Packers were extremely aggressive this week in purchasing hogs which could lead to softer trade over the near future.
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