General Comments
The feeder cattle complex continues to boost the morale of the cattle complex as both markets trade fully higher into the afternoon. The lean hog complex is struggling with some resistance through deferred contracts but has some support for the spot market as the July contracts reaches its final day and expires. December corn is up 3/4 cent per bushel and December soybean meal is up $0.60. The Dow Jones Industrial Average is up 157.58 points and NASDAQ is down 11.11 points.
LIVE CATTLE
The live cattle complex is happy to jump on board and ride the shirttails of the feeder cattle complex where support is building both in the futures market and throughout the countryside. August live cattle are up $2.05 at $100.85, October live cattle are up $1.20 at $104.30 and December live cattle are up $0.80 at $107.95. There was a handful of cattle that sold in the North Wednesday morning for steady prices as dressed cattle in Nebraska sold for $157. Most of the countryside's asking prices remain firm at $100 live and $160 dressed.
JBS's Greeley plant is under some pressure as workers walked out due to a money and safety dispute. With slaughter needing to run at maximum speeds, officials are going to be hard pressed to get this issue resolved and to get workers back to work to achieve efficiency.
The Fed Cattle Exchange Auction listed a total of 1,224 head, with 275 actually sold, 949 head listed as unsold, and 0 head listed as PO (Passed Offer). Only Kansas and Texas were offering cattle this week, the breakdown is as follows: Kansas 1,005 total head, with 275 head sold at $95.50-$95.75, 730 head unsold; Texas 219 total head, which all went unsold. The delivery date/weighted average breakdown is as listed: 1-9-day delivery: 680 head total, 275 head sold, with a weighted average price of $95.62; 1-17-day delivery 544 head total of which none sold.
Boxed beef prices are not available due to technical difficulties.
FEEDER CATTLE
Feeder cattle contracts are fully higher rolling into the afternoon with the most excitement and support stemming from the aggressive buying throughout feeder cattle sales. August feeders are up $1.72 at $138.45, September feeders are up $1.47 at $138.95 and October feeders are up $1.32 at $140.02. If you haven't been tuning into Western Video Market's Sale happening this week, you're truly missing out. Yearling cattle continue to push the market higher and higher and buyers seem far more optimistic than what the fundamentals merit. The long weaned and programmed cattle (NHTC, GAP 4) have been especially popular but cattle of all weights and descriptions are selling extremely well.
LEAN HOGS
The lean hog complex hasn't had as fruitful of a morning, but midday losses are thankfully only modest thus far. August lean hogs are down $0.07 at $49.85, October lean hogs are down $0.37 at $49.30 and December lean hogs are down $0.17 at $51.05. The afternoon cutout values haven't been as strong as what midday prices are, but with a lofty $5.76 upward swing, the afternoon may be able to hold onto some of that.
The projected lean hog index for 7/14/2020 is up $1.02 at $47.10, and the actual index for 7/13/2020 is up $0.44 at $46.08. Hog prices are lower on the National Direct Morning Hog Report, down $0.07 with a weighted average of $30.95, ranging from $28.00 to $35.00 on 4,643 head and a five-day rolling average of $29.96. Pork cutouts total 188.86 loads with 172.50 loads of pork cuts and 16.36 loads of trim. Pork cutout values: up $5.76, $72.00.
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