General Comments
As
Thursday slowly enters into the noon hour, the livestock complex hasn't
had a grand day as all three contracts are trading lower and cash cattle
are developing for lower money that what even Wednesday traded for.
July
corn is up 3/4 cent per bushel and July soybean meal is up $0.50. The
Dow Jones Industrial Average is down 1,393.20 points and NASDAQ is down
360.61 points.
LIVE CATTLE
Live
cattle contracts are slightly lower but may trend lower into the
afternoon if cash cattle prices continue to trade lower. June live
cattle are up $0.02 at $96.62, August live cattle are down $0.27 at
$96.22 and October live cattle are down $0.60 at $98.80. A light round
of Southern cattle have trade for $104 to $106 following Wednesday's
light trade. Southern live trade on Wednesday was at $98 to mostly $108,
the $108 is $4 lower than last week's weighted averages. Northern
dressed deals had a full range of $165 to mostly $172, the $172 is $8
lower than last week's weighted average basis Nebraska. Thursday's
asking prices are around $110 on a live basis and $175-plus dressed.
Boxed
beef prices are mixed: choice up $0.86 ($236.92) and select down $1.40
($221.44) with a movement of 112 loads (65.52 loads of choice, 10.67
loads of select, 3.25 loads of trim and 32.66 loads of ground beef).
FEEDER CATTLE
Feeder
cattle contracts are having a tough day as complex endures losses
greater than a $1.00 throughout the entire market. August feeders are
down $1.32 at $131.30, September feeders are down $1.50 at $132.65 and
October feeders are down $1.35 at $133.45. Feeder cattle contract feel
as if the rug is being pulled out front under their feet as the market
hopes to hold strength for the nearing specialty sales but with cash
cattle prices eroding, the short-term feeder cattle market isn't looking
too bright.
LEAN HOGS
Lean
hog contracts are stuck in the same rut as the rest of the livestock
contracts. Pressure, pressure and more pressure continues to build and
there's no quick fix with weakening cash prices and a lofty back log of
supply. The June lean hog contract is set to expire Friday and most
traders have already moved their positions into other contracts. July
lean hogs are down $0.50 at $52.30, August lean hogs are down $0.87 at
$54.95 and October lean hogs are down $0.32 at $53.17.
The
projected lean hog index for 6/9/2020 is down $0.61 at $51.18 and the
actual index for 6/8/2020 is down $0.16 at $51.77. Hog prices are higher
on the National Direct Morning Hog Report, up $0.03 with a weighted
average of $30.19, ranging from $27.00 to $31.43 on 4,097 head and a
five-day rolling average of $30.79. Pork cutouts total 227.31 loads with
206.19 loads of pork cuts and 21.12 loads of trim. Pork cutout values:
up $2.13, $70.97.
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