GENERAL COMMENTS:
Again today the livestock complex is trading mostly higher with only the nearby lean hog contracts slightly struggling. Traders seem committed at this point to supporting the cattle market's long-term bullish outlook as they continue to push both the live cattle and feeder cattle contracts higher. December corn is down 2 1/2 cents per bushel and December soybean meal is down $5.50. The Dow Jones Industrial Average is up 233.34 points.
LIVE CATTLE:
The live cattle complex continues to thrive and trade modestly higher as traders are committed to supporting the market's long-term bullish outlook. Even though midday boxed beef prices are lower, and Monday's afternoon report showcased lower prices as well, traders don't seem shaken by that news. It's likely that some pressure could loom over the boxed beef market until Fall arrives and early holiday buying begins. October live cattle are up $0.35 at $181.90, December live cattle are up $0.47 at $186.12 and February live cattle are up $0.12 at $190.07. As usual, there's been no cash cattle trade reported yet and bids and asking prices aren't likely to show up until Wednesday with trade potentially being delayed until Thursday or Friday.
Boxed beef prices are lower: choice down $1.71 ($315.33) and select down $1.90 ($290.19) with a movement of 63 loads (31.35 loads of choice, 10.17 loads of select, 13.11 loads of trim and 8.45 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex isn't trading as spunky as it was through Monday's trade, but the complex is still trading mildly higher which is impressive given that Monday's gains were so substantial. September feeders cattle are up $0.22 at $254.50, October feeders are up $0.25 at $257.27 and November feeders are up $0.62 at $258.67. With corn prices continuing to trade lower and with good buyer action in Monday's feeder cattle sales in the countryside, the feeder cattle contracts may keep their sideways/somewhat higher tone through the day's end.
LEAN HOGS:
The lean hog complex is higher as traders have an opportunity to support the market and not be in immediate danger of coming up against resistance pressure. October lean hogs are up $1.55 at $81.37, December lean hogs are up $1.10 at $73.12 and February lean hogs are up $0.80 at $77.17. Yes, pork cutout values are higher Monday morning, but after last Friday, with the belly dropping nearly $60.00, it would be even more concerning if prices were lower.
The projected lean hog index for Aug. 25 is down $1.29 at $93.89, and the actual index for Aug. 24 is down $1.22 at $95.18. Hog prices are unavailable at this time on the Daily Direct Morning Hog Report due to packer submission issues. Pork cutouts total 137.31 loads with 113.40 loads of pork cuts and 23.91 loads of trim. Pork cutout values: up $4.06, $97.48.
No comments:
Post a Comment