General Comments
As Monday progresses the market could see a shift in the morning's trade as cattle contracts are starting to suffer from some nearby pressure, but lean hog contracts have had a phenomenal morning. With cash hogs trading $4.31 stronger on 11,080 head, lean hog contracts could see some support develop throughout the afternoon. December corn is down 3/4 cent per bushel and December soybean meal is up $3.60. The Dow Jones Industrial Average is up 82.36 points and NASDAQ is up 88.37 points.
LIVE CATTLE
Live cattle contracts were optimistic to start the day but as the morning has progressed the nearby contracts are fighting a little bit of pressure. August live cattle are down $0.02 at $101.30, October live cattle are down $0.25 at $104.77 and December live cattle are down $0.40 at $108.95. Feeders are anticipated to price cattle higher this week as showlists are lower and the market was able to gain $1.00 last week. Asking prices throughout all of feeding country haven't surfaced yet but feeders in Nebraska are pricing cattle at $162 dressed, and $102 live. Packers have made inquires in cattle throughout the countryside already Monday morning, but bids have yet to surface and probably won't until later in the week. New showlists appear to be somewhat lower in Kansas, lower in Nebraska and Colorado, and sharply lower in Texas.
Last week's negotiated purchases totaled 113,302 head. Of that 101,704 head are committed for delivery in the next two weeks with the remaining 11,598 head are for delivery in the following 15-30 days.
Boxed beef prices are higher: choice up $0.43 ($202.20) and select up $0.29 ($190.92) with a movement of 44 loads (24.42 loads of choice, 7.17 loads of select, 7.48 loads of trim and 4.73 loads of ground beef).
FEEDER CATTLE
Feeder cattle contracts, much like the live cattle sector, are fighting to interest traders in supporting nearby contracts. August feeders are down $1.10 at $140.95, September feeders are down $1.25 at $141.50 and October feeders are down $0.62 at $142.10. Regardless of what the board does early this week the resilience throughout the countryside has been commendable. Buyers are eager to purchase calves and feeders and thus far the summer has presented sales far better than what many believed would even be available.
LEAN HOGS
The lean hog complex has been pressured from the morning's get-go but thankfully the support from the cash hog trade has solidified the market's ability to trade higher in nearby contracts. August lean hogs are $0.60 higher at $54.60, October lean hogs are $0.77 higher at $50.92 and December lean hogs are $0.30 lower at $51.62. Though the afternoon's close won't be near as high as the midday's cutout, the market has the potential to close higher in the afternoon's cutout as well.
Hog prices are higher -- significantly higher -- on the National Direct Morning Hog Report, up $4.31 with a weighted average of $42.20, ranging from $32.00 to $45.00 on 11,080 head sold and a five-day rolling average of $36.99. Pork cutouts total 197.87 loads with 178.73 loads of pork cuts and 19.15 loads of trim. Pork cutout values: up $6.07, $76.60.
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