GENERAL COMMENTS:
Wednesday
offered the marketplace wins throughout all three sectors. The cattle
contracts were able to close higher, cash cattle prices were a tick
stronger, and even though cash hog prices were lower, the number of hogs
moving through the supply chain is commendable and exciting for the
marketplace. Hog prices closed lower on the National Direct Afternoon
Hog Report, down $0.37 with a weighted average of $42.30 on 15,566 head.
December corn is down 3 3/4 cents per bushel and December soybean meal
is down $1.70. The Dow Jones Industrial Average is up 160.29 points and
NASDAQ is up 140.85 points.
LIVE CATTLE:
The
live cattle contracts were able to keep support and momentum through
the day's close and thankfully closed higher. August live cattle closed
$0.55 higher at $101.45, October live cattle closed $1.05 higher at
$106.05 and December live cattle closed $1.07 higher at $109.95. The
live cattle market's 40-day moving average sits at $97.83 and the
100-day moving average sits at $96.18. After Wednesday morning's Fed
Cattle Exchange, trade loosened up and packers and feeders started
working deals. Throughout most of the Southern Plains, cattle traded for
$97.00 to $97.50, which was mostly $1.00 stronger than last week's
weighted average. In the Northern Plains, feeders were able to move
cattle for $160, $2.00 higher than last week. Despite Wednesday's trade,
some feeders are holding their ground and still have asking prices at
$98 to $100 in the south and $162 in the north. Wednesday's slaughter is
estimated at 119,000 head, 2,000 head more than a week ago and 2,000
head less than a year ago.
Boxed beef prices
closed mixed: choice down $1.85 ($201.11) and select up $1.17 ($189.49)
with a movement of 174 loads (100.13 loads of choice, 26.72 loads of
select, 15.70 loads of trim and 31.04 loads of ground beef).
THURSDAY'S
CASH CATTLE CALL: Steadily to slightly stronger. Thankfully the cattle
that have already sold this week are for, on average, greater money than
a week ago, but of the feeders that have yet to sell, most of them seem
firm on their asking prices.
FEEDER CATTLE:
Feeder
cattle contracts kept with their earlier set pace of steadily higher
all through Wednesday's trade. August feeder cattle closed $1.27 higher
at $141.97, September feeder cattle closed $1.27 higher at $142.57 and
October feeder cattle closed $1.32 higher at $143.25. Currently the
feeder cattle 40-day moving average sits at $135.79 and the 100-day
moving average sits at $127.59. At OKC West Livestock Auction in El
Reno, Oklahoma, compared to last week, feeder steers sold steady to
$3.00 lower and feeder heifers sold $2.00 to $4.00 lower. Steer and
heifer calves were not well tested, but lower undertones were noted
there as well. Thankfully the state has recently received some rain fall
and cooler temperatures, which is helping to lessen the stress on
cattle. The CME feeder cattle index 7/28/2020: up $0.06, $139.83.
LEAN HOGS:
The
lean hog contracts closed mostly in a disappointing fashion, closing
anywhere from $0.50 to $1.12 lower. August lean hogs closed $1.12 lower
at $53.07, October lean hogs closed $0.90 lower at $49.82 and December
lean hogs closed $0.77 lower at $51.02. Even though the cash prices were
lower, selling upwards of 15,566 head is a win for the market. With the
backlog of hogs, getting product worked through the system is a high
priority. Pork cutouts total 334.92 loads with 303.98 loads of pork cuts
and 30.94 loads of trim. Pork cutout values: down $1.50, $67.91.
Wednesday's slaughter is estimated at 477,000 head, 5,000 head more than
a week and year ago. The CME lean hog index 7/27/2020: up $0.87,
$51.10.
THURSDAY'S CASH HOG CALL: Steady.
Thursday's cash hog market may be slightly lower to steady, but if the
market can once again move a steep volume of hogs, it's a strong win for
the industry.
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