General Comments
As Tuesday afternoon approaches, the cattle contracts have grown to rally the entire cattle complex and bids are starting to gingerly develop throughout the countryside. The lean hog market isn't as hopeful as nearby contracts battle some pressure and deferred contracts rally mildly. December corn is down 4 1/4 cents per bushel and December soybean meal is down $4.30. The Dow Jones Industrial Average is down 119.78 points and NASDAQ is down 44.07 points.
LIVE CATTLE
Live cattle contracts aren't as ambitious as the feeder cattle contracts, but the stronger trade still helps the complex, nonetheless. August live cattle are up $0.85 at $101.27, October live cattle are up $1.55 at $105.37 and December live cattle are up $1.15 at $109.20. Packers haven't come out guns-a-blazing Tuesday morning, but some bids are starting to surface, and a handful of cattle have traded. In Kansas, some live cattle sold for $97.00 to $97.50, and in Texas there's a bid offered at $95.00. Asking prices are around $100 in the South and dressed cattle in the North are prices at $162.
Boxed beef prices are mixed: choice up $0.84 ($203.39) and select down $0.02 ($190.11) with a movement of 63 loads (32.98 loads of choice, 16.73 loads of select, 7.90 loads of trim and 5.03 loads of ground beef).
FEEDER CATTLE
After Monday's regression, Tuesday has stepped to the plate to drive both live cattle and feeder cattle prices higher. Feeling the most strength in nearby contracts (up $1.22 to $2.05), the feeder cattle contracts warmly welcome the support as the feeder cattle market is being put to the test once again as Superior Livestock hosts their Video Royale sale this week - selling upwards of 195,000 head. If the live cattle market can trade cash cattle for at least steady prices, the feeder cattle prices should be able to rally the market's strength from last week's sales. August feeders are up $2.05 at $141.40, September feeders are up $1.82 at $141.45 and October feeders are up $1.50 at $142.17.
LEAN HOGS
Feeling some resistance at $55.00 the lean hog market has been pressured in nearby contracts to trade lower while support still holds mildly in deferred contracts. As packers keep processing speeds turned up, the hope is that pork demand will remain over the second half of 2020 so that the backlog of hogs can become a problem of the past. August lean hogs are down $0.32 at $54.22, October lean hogs are down $0.52 at $50.22 and December lean hogs are down $0.10 at $51.45.
The projected lean hog index for 7/27/2020 is up $0.87 at $51.12 and the actual index for 7/24/2020 is up $0.11 at $50.25. Hog prices are slightly lower on the National Direct Morning Hog Report, down $0.06 with a weighted average of $42.57, ranging from $32.00 to $44.00 on 6,726 head and a five-day rolling average of $38.75. Pork cutouts total 222.14 loads with 205.07 loads of pork cuts and 17.07 loads of trim. Pork cutout values: up $7.88, $79.18.
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