General Comments
As
the complex moves gingerly, the indecisive nature of this week has each
complex toying with the idea of trading higher in various ranges
throughout each contract, but not enough substantial support has
developed to allow the market to take off and trade fully higher. July
corn is down 1 3/4 cents per bushel and July soybean meal is down $3.30.
The Dow Jones Industrial Average is down 55.65 points and NASDAQ is
down 51.13 points.
LIVE CATTLE
As
the day progresses the live cattle complex continues to trade higher
and warm up as more time goes on, and if more cash cattle trade can
develop Thursday afternoon -- the support needed for the nearby
contracts to push closer to $100 may be there. June live cattle are up
$0.10 at $98.50, August live cattle are up $0.20 at $97.82 and October
live cattle are down $0.10 at $99.52. Some cash cattle trade has
developed in Colorado at $117, but the rest of the country is pretty
quiet. Asking prices are around $120 to $125 in the South, and $190 to
$195 in the North.
Boxed beef prices are
lower: choice down $2.16 ($401.88) and select down $6.37 ($384.81) with a
movement of 64 loads (37.55 loads of choice, 8.47 loads of select, zero
loads of trim and 18.43 loads of ground beef).
FEEDER CATTLE
The
feeder cattle complex is unenthused with the day and trades mostly
lower. August feeder cattle are down $0.10 at $128.90, September feeder
cattle are down $0.45 at $130.05 and October feeders are down $0.45 at
$131.02. As the live cattle contracts continue to build, the feeder
cattle contracts may follow in their shadow once the complex sees that
the opportunity is there and able to be capitalized on throughout the
afternoon.
LEAN HOGS
The
lean hog index is seeing some support develop in nearby contracts while
the deferred contracts trade moderately lower still. June lean hogs are
up $2.07 at $58.95, July lean hogs are up $1.20 at $56.95 and August
lean hogs are up $0.57 at $55.12. The hog industry has its eye on the
retail sector and sees that with beef prices jumping to astronomical
levels that there are customers to be gained as many don't want to pay
the exponentially higher prices for beef.
The
projected lean hog index for 5/20/2020 is down $1.39 at $64.59 and the
actual index for 5/19/2020 is down $1.06 at $65.98. Hog prices are lower
on the National Direct Morning Hog Report -- down $0.68 with a weighted
average of $32.27, ranging from $33.00 to $39.00 on 4,245 head and a
five-day rolling average of $36.79. Pork cutouts total 173.14 loads with
139.66 loads of pork cuts and 33.48 loads of trim. Pork cutout values:
down $0.09, $99.83.
 |
| #completeherdhealth |
No comments:
Post a Comment