General Comments
The dreary livestock complex heads into Monday's afternoon hours less than optimistic as prices fall easily $1.00 to $2.00 lower in all three contracts. Entering into the new week with less than sufficient support from traders has left the complex trading lower, giving back a significant portion of last week's rally. December corn is down 5 cents per bushel and December soybean meal is up $1.60. The Dow Jones Industrial Average is down 71.92 points and NASDAQ is up 149.76 points.
LIVE CATTLE
Live cattle contracts are fighting resistance like the rest of the livestock complex has Monday hasn't granted the market much for favors. August live cattle are down $1.92 at $101.35, October live cattle are down $1.17 at $105.70 and December live cattle are down $0.87 at $109.82. Asking prices have yet to be determined thought is pretty safe to assume live cattle will be prices at $1.00 or better. There's been light packer inquiry throughout most of the feeding region, but bids have yet to hit the table. New showlists appear to be mixed, higher in Texas, somewhat higher in Nebraska/Colorado, but lower in Kansas.
Negotiated Cattle purchases last week totaled 88,651 head. Of that 76,207 head are committed for delivery in the next two weeks, while the remaining 12,444 head will be delivery in the following 15-30 days.
Boxed beef prices are higher: choice up $1.45 ($201.92) and select up $0.81 ($191.12) with a movement of 51 loads (39.30 loads of choice, 7.59 loads of select, zero loads of trim and 4.09 loads of ground beef).
FEEDER CATTLE
After leading the livestock sector higher last week, the feeder cattle market has fell to the same pressure the rest of the industry faces. August feeders are down $1.57 at $141.12, September feeders are down $0.95 at $142.37 and October feeders are down $1.17 at $142.42. Feeders are hoping that the week will turn around as there's another big feeder cattle sale this week. Northern Livestock Video Auction is hosting their Summertime Special sale, selling upwards of 145,000 head this week. If the sale can mirror the same strength that developed last week in Reno for the Western Video Market sale, then producers will be well taken care of.
LEAN HOGS
The lean hog complex isn't any more amusing as the cattle contracts. Seeming to be desperate for trader interest and the opportunity to chisel higher, the lean hog complex dips lower into the afternoon. August lean hogs are down $2.15 at $50.65, October lean hogs are down $1.60 at $49.47 and December lean hogs are down $0.87 at $51.40. Unfortunately looking at the week's weather, hog feeders hope that buying interest picks back up for the board and interests cash hog buyers as keeping hogs through the summer's heat is challenging.
The projected lean hog index for 7/17/2020 is up $0.35 at $47.50 and the actual index for 7/16/2020 is up $0.06 at $47.55. Hog prices are unavailable on the National Direct Morning Hog Report due to packer submission problems. Pork cutouts total 145.35 loads with 128.73 loads of pork cuts and 16.61 loads of trim. Pork cutout values: up $0.88, $72.07.
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