General Comments
Heading
into the afternoon, the live cattle complex is trading with the most
support as both the feeder cattle contracts and lean hog contracts fight
some resistance. Seeing that the livestock industry is coming off two
strong days of substantial growth, the day is merely ticking by as
lackadaisical trade seems to be the tone throughout the marketplace.
December
corn is up 2 1/2 cents per bushel and December soybean meal is down
$1.30. The Dow Jones Industrial Average is down 12.86 points and NASDAQ
is up 20.90 points.
LIVE CATTLE
Live
cattle contracts are trading mostly higher other than the spot August
contract which is just mildly lower. August live cattle are down $0.27
at $103.00, October live cattle are up $0.15 at $106.75 and December
live cattle are up $0.37 at $110.47. Coming off two big days of
aggressive trading, the market seems tapped out as traders are looking
to the weekend and aren't interested in upping the ante (thus far
anyways) before the day closes. Cash cattle trade is at a mere
standstill as feeders want their full asking prices of $97 to $98 in the
South and $158 to $160 in the North. Thus far packers haven't seemed
too interested in meeting them at their desired priced. It wouldn't be
surprising to see a couple more clean-up deals transpire, especially in
the North where trade has been slimmer thus far.
Boxed
beef prices are lower: choice down $0.06 ($200.74) and select down
$0.87 ($190.43) with a movement of 67 loads (40.99 loads of choice, 8.47
loads of select, 10.04 loads of trim and 7.73 loads of ground beef).
FEEDER CATTLE
Feeder
cattle contracts are seeing some mild resistance in the spot August
contract as well as some further deferred months but for the most part
the complex is gingerly trading higher following Wednesday and
Thursday's strong trade. August feeders are down $0.25 at $142.35,
September feeders are up $0.05 at $142.77 and October feeders are up
$0.22 at $143.42. The hunger for good news, strong feeder cattle sales
throughout the countryside, the unwavering strength from cattlemen and
affordable corn prices have allowed the market to rise in a time when
most assumed that lower, steady trade was all that was in store for the
complex. If the market can keep this with its current pace through
closing, a stronger undertone should carry into next week.
LEAN HOGS
Staying
well within Thursday's trade, a sideways close may be how the lean hog
complex jumps out of this week. August lean hogs are down $0.75 at
$52.90, October lean hogs are down $0.40 at $51.42 and December lean
hogs are down $0.30 at $52.55. The back and forth nature of the pork
cutout values hasn't necessarily helped the complex as undoubtedly
producers like to see prices stronger but unless the closing value can
capture some of that midday pump it doesn't amount to much.
The
projected lean hog index for 7/16/2020 is up $0.06 at $47.50, and the
actual index for 7/15/2020 is up $0.39 at $47.49. Hog prices are higher
on the National Direct Morning Hog Report, up $0.03 with a weighted
average of $31.46, ranging from $29.75 to $33.00 on 4,759 head and a
five-day rolling average of $30.70. Pork cutouts total 285.41 loads with
258.66 loads of pork cuts and 26.75 loads of trim. Pork cutout values:
up $5.52, $72.87.
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