GENERAL COMMENTS:
The livestock complex is trading mixed as traders want to believe that higher prices will be seen again later this week for the contracts, but they're going to need some fundamental support to help make that a reality. No cash cattle trade has developed at this point and it's looking like the week's business will be postponed until Thursday, if not later. July corn is up 8 1/4 cents per bushel and July soybean meal is up $1.20. The Dow Jones Industrial Average is down 150.83 points.
LIVE CATTLE:
The live cattle complex is trading mostly lower into Wednesday's noon hour, although a few of the nearby contracts are trading higher as traders want to believe that the cash market could lend support later this week. June live cattle are down $0.35 at $163.57, August live cattle are up $0.17 at $161.72 and October live cattle are up $0.07 at $165.40. The cash cattle market is still eerily quiet without bids or asking prices having been established. At this point, it's looking like the week's business will wait to develop until Thursday or potentially even later. Feedlots are aiming for steady prices, but packers are likely to work the market lower as they have cattle committed to them in the deferred delivery option.
Boxed beef prices are higher: choice up $0.58 ($307.96) and select up $1.17 ($286.06) with a movement of 73 loads (43.78 loads of choice, 14.89 loads of select, 4.64 loads of trim and 9.95 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex is now trading lower as nearby corn prices jump $0.06 to $0.09 higher and as the live cattle complex is trading mostly lower itself. Feeders gave Tuesday's market everything it had, but without much technical support encouraging the contracts Wednesday, it's hard for traders to justify trading the contracts higher yet again. May feeders are down $0.65 at $205.27, August feeders are down $1.25 at $224.92 and September feeders are down $1.22 at $228.42.
LEAN HOGS:
The lean hog complex is trading higher into Wednesday's noon hour as the market warmly welcomes higher cash prices. June lean hogs are up $0.45 at $84.85, July lean hogs are up $0.15 at $86.65 and August lean hogs are up $0.17 at $87.45. Yes, midday pork cutout values are lower, but that's not to say that prices couldn't be higher by this afternoon. The biggest reason why the carcass price is lower is because the rib is down $4.42 and the belly is down a whopping $8.33.
The projected lean hog index for May 9 is up $0.43 at $75.07, and the actual index is up $0.22 at $74.64. Hog prices are higher on the Daily Direct Morning Hog Report, up $4.30 with a weighted average of $76.86, ranging from $66.00 to $79.00 on 15,230 head and a five-day rolling average of $75.11. Pork cutouts total 200.56 loads with 175.06 loads of pork cuts and 25.51 loads of trim. Pork cutout values: down $0.78, $81.31.
No comments:
Post a Comment