Friday Midday Livestock Market Summary - Livestock Contracts Losing their Momentum

General Comments

As the lean hog complex loses some of its support in nearby contracts, it's appearing that Friday may close fully lower in the livestock contracts unless the afternoon sparks some interest. But with cash cattle trade essentially done for the week, and both cash hogs and pork cutout values lower -- traders seem more interested in heading into the weekend rather that picking a complex to dive into. December corn is up 1/4 cent per bushel and December soybean meal is down $1.80. The Dow Jones Industrial Average is up 81.95 points and NASDAQ is up 34.79 points.

LIVE CATTLE

Live cattle contracts are sinking lower as the day continues to trade not seeing any support in trading higher despite boxed beef prices creeping higher and this week's cash trade being stronger again this week. August live cattle are down $0.70 at $106.32, October live cattle are down $0.77 at $109.00 and December live cattle are down $0.80 at $112.05. As the day stretches into the last half of the week's trade, packers are wanting to get a few more cattle committed before the week's trade concludes. Bids of $106.50 sit on the table in Nebraska, bids of $106 are available in Colorado and Iowa's bids range from $105 to $108 live, and $165 to $168 dressed.

Boxed beef prices are higher: choice up $0.61 ($225.99) and select up $2.92 ($209.23) with a movement of 47 loads (22.27 loads of choice, 3.75 loads of select, 11.37 loads of trim and 9.75 loads of ground beef).

FEEDER CATTLE

Feeder cattle contracts are still unable to rally the board despite the countryside nearly aligning every star possible to support higher trade. August feeders are up $0.05 at $143.47, September feeders are down $0.30 at $145.50 and October feeders are down $0.32 at $146.05. Corn prices may be seeing a mild uptick in nearby prices but the feeder cattle's reluctance to trade higher really comes from the traders wondering how much upward progression the market has in the short-term.

LEAN HOGS

The lean hog complex rolled into Friday's trade looking to take on the day with the same vigor that Thursday possessed. But as the week's end nears, traders are less interested in moving the complex higher when pork cutout values are lower. October lean hogs are down $0.80 at $54.37, December lean hogs are down $0.35 at $55.50 and February lean hogs are down $0.20 at $61.95.

The projected two-day lean hog index for 8/20/2020 is up $0.10 at $55.51 and the actual index for 8/19/2020 is up $0.33 at $55.41. Hog prices are lower on the National Direct Afternoon Hog Report, down $0.99 with a weighted average of $38.25, ranging from $37.25 to $39.00 on 3,360 head and a five-day rolling average of $37.86. Pork cutouts total 249.94 loads with 223.97 loads of pork cuts and 25.98 loads of trim. Pork cutout values: down $2.53, $73.55.

#completeherdhealth