General Comments
The
board has kept with its pace, pushing live cattle and lean hog contracts
higher while the feeder cattle market retracts slightly. It's looking
like Friday may be uneventful day, keeping with Thursday's pace and not
rocking the market in any irregular fashion. December corn is down 1/4
cent per bushel, and December soybean meal is down $0.20. The Dow Jones
Industrial Average is up 45.50 points, and the NASDAQ is down 24.85
points.
LIVE CATTLE
Live
cattle contracts keep heading higher into Friday's afternoon hours,
looking to close the week with substantial gains on the board and
throughout the cash cattle market. August live cattle are up $0.77 at
$107.82, October live cattle are up $0.37 at $110.52 and December live
cattle are up $0.20 at $113.02. The countryside was painfully quiet
until the top of the noon hour when cattle sold in Nebraska for $168
dressed ($5.00 higher than last week's average), and live cattle sold
for $106 ($3.00 higher than last week's average). It was going to be
nerve-racking if cattle in the North didn't trade, as last week's
movement was relatively small for the region. Thankfully, feeders were
able to push the market substantially higher by simply buying some time.
Unless some cattle sell in Iowa and more cattle in Nebraska, it's
looking like the week's business is essentially done.
Boxed
beef prices are higher: choice up $3.09 ($214.04) and select up $1.83
($199.24) with a movement of 87 loads (51.76 loads of choice, 14.07
loads of select, 11.38 loads of trim and 9.76 loads of ground beef).
FEEDER CATTLE
Feeder
cattle contracts are casually backpedaling as the board continues to
regress. August feeders are down $0.12 at $144.82, September feeders are
down $0.07 at $147.30 and October feeders are down $0.37 at $148.12.
Countryside prices urged the board to trade higher as feeder cattle
sales continue to be well tested and met with excellent demand. But the
fundamental pressure of moving the complex even higher seems like too
much for traders to bite off right now.
LEAN HOGS
The
lean hog complex likes the day's momentum following Thursday's modestly
higher close and continues to push the market higher. October lean hogs
are up $1.07 at $53.42, December lean hogs are up $0.30 at $54.65 and
February lean hogs are up $0.52 at $62.00. With pork cutout values ever
so cautiously adding value here and there, producers are encouraged
because, if packers can move more product, cash prices could see a small
increase through Labor Day.
The projected
lean hog index for 8/12/2020 is down $0.34 at $53.48, and the actual
index for 8/11/2020 is up $0.03 at $53.82. Hog prices are lower on the
National Direct Morning Hog Report, down $0.05 with a weighted average
of $37.46, ranging from $35.00 to $38.00 on 4,028 head and a five-day
rolling average of $37.83. Pork cutouts total 237.60 loads with 180.16
loads of pork cuts and 57.44 loads of trim. Pork cutout values: up
$1.85, $75.61.
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