GENERAL COMMENTS:
The livestock contracts are trading mostly lower into Monday's noon hour as traders assess the marketplace and again look for followed-through fundamental support this week. Please note that on Thursday the hog complex will see the latest Quarterly Hogs and Pigs Report released which will be of high importance to its market. July corn is down 6 1/2 cents per bushel and July soybean meal is up $5.00. The Dow Jones Industrial Average is up 353.40 points.
LIVE CATTLE:
The live cattle complex is trading mixed as traders have noted Friday's bearish Cattle on Feed report but can't help but be bullish in the market's immediate contracts given how strong the cash cattle market is trading. August live cattle are up $0.62 at $183.77, October live cattle are down $0.47 at $183.15 and December live cattle are down $0.80 at $185.30. It's too early in the week for any bids or asking prices to have been established, but it's likely that feedlots are going to price cattle higher again this week and that trade will be delayed until Thursday or Friday.
Last week Northern dressed cattle sold for $305 to $312, but mostly at $310 to $312, which is $4.00 to $6.00 higher than last week's weighted average. But there were prices reported up to $315 which is $9.00 higher than last week's weighted average. Southern live cattle traded from $189 to $190 which is $3.00 to $5.00 higher than the previous week's weighted average.
Boxed beef prices are higher: choice up $0.01 ($322.40) and select up $0.72 ($303.83) with a movement of 56 loads (25.64 loads of choice, 15.50 loads of select, zero loads of trim and 14.88 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex has danced back and forth thus far through Monday's traders -- trying to decide which side of the spectrum demands more clout, the fact that Friday's Cattle on Feed report was bearish or the market's incredibly strong fundamentals? At this point, the entire feeder cattle complex is trading lower into Monday's noon hour, but the market could improve ahead of the day's end as fundamentally market support is impeccable. August feeders are down $0.07 at $258.32, September feeders are down $0.22 at $259.67 and October feeders are down $0.25 at $260.37.
LEAN HOGS:
The lean hog complex is still trading lower as traders again look for fundamental support to help the hog market trade higher but with midday pork cutout values down $1.90, fundamental support isn't necessarily flowing into the complex. July lean hogs are down $1.25 at $90.80, August lean hogs are down $1.65 at $87.67 and October lean hogs are down $1.45 at $74.87. The market will be anxious to see Thursday's Quarterly Hogs and Pigs report which could help forecast what demand will be through the summer.
The projected lean hog index not available at this time. Hog prices are higher on the Daily Direct Morning Hog Report, up $0.01 with a weighted average price of $86.47, ranging from $83.00 to $87.50 on 2,848 head and a five-day rolling average of $87.21. Pork cutouts total 176.35 loads with 152.60 loads of pork cuts and 23.75 loads of trim. Pork cutout values: down $1.90, $97.13.
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