GENERAL COMMENTS:
The livestock complex is trending mostly higher into Thursday's afternoon as traders pay the market a little more attention after having given the complex the cold shoulder earlier in the week. Heading into the afternoon, cattlemen and hog producers both will be looking for the market's latest carcass data. December corn is down 2 cents per bushel and December soybean meal is down $10.00. The Dow Jones Industrial Average is up 23.53 points.
LIVE CATTLE:
The live cattle market is trading mixed into Thursday's afternoon as traders are showing the market mild attention. October live cattle are down $0.27 at $143.50, December live cattle are down $0.20 at $149.80 and February live cattle are up $0.02 at $154.65. The cash cattle market hasn't seen any more business develop as packers are paying the cash market little attention this week. So far this week, live deals in Kansas and Texas have been marked at mostly $142, generally steady with last week's weighted averages. Dressed sales in Nebraska and Iowa have been at $232 to $233, about $1 to $2 lower than last week's weighted average basis Nebraska. The market expects to see some more clean up trade develop, but largely this week's cash cattle trade is expected to be thin.
Beef net sales of 17,000 mt for 2022 were primarily for China (7,100 mt), Japan (3,100 mt) and South Korea (3,100 mt).
Boxed beef prices are higher: choice up $1.26 ($264.09) and select up $0.86 ($238.48) with a movement of 47 loads (23.64 loads of choice, 9.67 loads of select, 7.56 loads of trim and 5.71 loads of ground beef).
FEEDER CATTLE:
As the corn market prints a mild $0.02 regression in its nearby contracts, the feeder cattle market is leaning into Thursday's afternoon mildly higher. September feeders are up $0.62 at $183.65, October feeders are up $0.60 at $185.02 and November feeders are up $0.45 at $186.50. Feeder cattle demand throughout the countryside has continued to see extremely strong demand from farmer feeders, but some corporate feedlots have noticeably backed down their buying as they aim to cool this rallying market.
LEAN HOGS:
After two weeks of immense down pressure, the lean hog contracts are finding support in Thursday's market despite seeing a pitiful export report this morning. October lean hogs are up $0.37 at $90.72, December lean hogs are up $0.25 at $82.42 and February lean hogs are up $0.10 at $85.85. It's not surprising to see cash prices lower as packers already bought aggressively two days this week, and the rest of the week will likely see a lower reduced tone in the cash market. Pork cutout values are somewhat higher at midday with a rebounding $15.37 jump from bellied. Watching long-term pork cutout value trends will be important as it will decern what domestic pork demand is.
Pork net sales of 6,700 mt for 2022 were reported for Canada (2,400 mt), Mexico (2,400 mt) and Japan (900 mt).
The projected lean hog index is unavailable at this time. Hog prices are lower on the Daily Direct Morning Hog Report, down $14.95 with a weighted average of $111.19, ranging from $106.00 to $131.00 on 3,469 head and a five-day rolling average of $122.45. Pork cutouts total 123.31 loads with 104.12 loads of pork cuts and 19.20 loads of trim. Pork cutout values: up $2.71, $105.70.
No comments:
Post a Comment