GENERAL COMMENTS:
The livestock complex is back to rallying as traders continue to see the strong fundamental support, especially in the cattle complex. Still no cash cattle trade has developed, and trade will likely be delayed until Thursday or Friday. March corn is down 1 cent per bushel and January soybean meal is up $1.60. The Dow Jones Industrial Average is down 62.66 points.
LIVE CATTLE:
With the feeder cattle contracts firing ahead and again leading the market's charge, the live cattle contracts are following suit and rallying in the feeder cattle market's shadow. Deemer live cattle are up $1.17 at $188.70, February live cattle are up $1.52 at $189.45 and April live cattle are up $1.37 at $191.50. Technical pressure will be something that the market will dance with moving forward as strenuous pressure remains at the summer highs established earlier this year, but if demand prevails, the sky is the limit. Still no developments have surfaced in the cash cattle market and trade will likely be delayed until Thursday or Friday as feedlot managers are gearing to price their showlists higher again this week. Asking prices are noted at $192 to $194 in the South, and are still not noted in the North.
Boxed beef prices are mixed: choice up $1.03 ($314.04) and select down $0.40 ($276.60) with a movement of 83 loads (42.67 loads of choice, 16.63 loads of select, 12.33 loads of trim and 10.96 loads of ground beef).
FEEDER CATTLE:
Although traders did some profit-taking throughout Monday's trade which ultimately led to the market's lower ascend through Monday's close, traders are back to pushing the complex higher and have nearly regained all that the market lost just yesterday. January feeders are up $3.47 at $260.32, March feeders are up $2.65 at $258.20 and April feeders are up $2.27 at $259.20. More than anything I believe that traders continue to see the fundamental merit in the cattle market's rally and simply cannot deny the power which the market possesses. Just yesterday afternoon at Joplin Regional Stockyards in Carthage, Missouri feeder steers weighing under 650 pounds were trading anywhere from $5.00 to $30.00 higher.
LEAN HOGS:
The lean hog complex is surprisingly trading higher yet again today even with morning pork cutout values down slightly. With the market continuing to inch higher and pressure long-term resistance, it will be imperative to demand imports if traders continue to advance the hog contracts. The biggest deterrents of the carcass's ability to be reported higher this morning were the belly's $5.32 decline and the ham's $4.02 decline. December lean hogs are up $0.30 at $83.52, February lean hogs are up $0.30 at $88.22 and April lean hogs are up $0.15 at $92.65.
The projected lean hog index for 12/2/2024 is down $0.30 at $84.06, and the actual index for 11/29/2024 is down $0.85 at $84.36. Hog prices on the Daily Direct Morning Hog Report average $86.57, ranging from $76.00 to $89.00 on 1,473 head and a five-day rolling average of $86.20. Pork cutouts total 178.24 loads with 150.94 loads of pork cuts and 27.30 loads of trim. Pork cutout values: down $1.21, $91.45.
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