The doggish, gloomy outlook the market possessed throughout the week has somewhat lifted and the livestock contracts are taking a run for higher prices while the opportunity lasts. Leading the surge is the lean hog complex as its market jumps anywhere from $2.00 to $3.00 higher. May corn is up 2 cents per bushel and May soybean meal is down $11.40. The Dow Jones Industrial Average is up 61.84 points and NASDAQ is down 139.20 points.
LIVE CATTLE:While the lean hog and feeder cattle contracts trade higher, the live cattle complex is the most cautious of them all, but has decided to jump on the market's chance to trade higher as well. April live cattle are up $1.55 at $137.45, June live cattle are up $0.62 at $133.07 and August live cattle are up $0.57 at $135.22. Helping the market trade higher is the fact that boxed beef prices are trending higher and the looming pressure of the market's uncertainty has somewhat eased its tensions in Friday's trade. Why, you may ask? Good question; little about war markets makes sense. The cash cattle market hasn't seen any renewed interest and it's looking like the week's business is done. Throughout the week live cattle have traded for $138 ($2.00 lower) and dressed cattle have traded for $220 ($4.00 lower).
Boxed beef prices are higher: choice up $1.14 (255.08) and select up $2.85 ($250.22) with a movement of 67 loads (36.82 loads of choice, 5.69 loads of select, 5.31 loads of trim and 19.20 loads of ground beef).
FEEDER CATTLE:The feeder cattle contracts are attempting to take Friday for all it's worth as the corn market posts only a modest rally in the March and May 2022 contracts, while the rest of the corn contract months trend slightly lower. As the market looks to round out another week of less-than-impressive trade, it would appear the feeder cattle contracts have found support at $152 and are taking trader interest while it lasts. March feeders are up $1.62 at $153.27, April feeders are up $2.05 at $158.20 and May feeders are up $1.65 at $163.45.
LEAN HOGS:The lean hog market is posting a rather thrilling rally as the market heads into the last afternoon of trading for the week. April lean hogs are up $2.32 at $102.42, June lean hogs are up $2.80 at $117.70 and July lean hogs are up $3.00 at $117.10. Putting your finger on why the market is doing what it's doing is more challenging than normal as geopolitical tensions wreak havoc all throughout the market's standards of normal. It's too early to count on pork cutout values closing higher as the midday report varies significantly from the day's closing report. But upon seeing higher trade in the futures market, and more cash hogs trading after an already aggressive week, AND midday pork cutout prices higher, a sense of stronger morale floats through the marketplace.
The projected CME Lean Hog Index for 3/10/2022 is up $0.85 at $100.76 and the actual index for 3/9/2022 is up $0.65 at $99.91. Hog prices are lower on the Daily Direct Hog Report, down $2.63 with a weighted average of $98.93 ranging from $95.00 to $112.00 on 3,140 head and a five-day rolling average of $99.42. Pork cutouts total 128.11 loads with 101.39 loads of pork cuts and 26.71 loads of trim. Pork cutout values: up $5.32, $109.52.
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