GENERAL COMMENTS:
The cattle complex may have bobbled lower throughout Wednesday's trade, but the market is back to its rallying nature thus far through Thursday's trade. Still no cash cattle trade has developed, but at any point in time now packer interest could begin to surface. March corn is up 1 1/2 cents per bushel and March soybean meal is down $1.00. The Dow Jones Industrial Average is up 106.84 points.
LIVE CATTLE:
Both the live cattle and feeder cattle markets are rallying side by side as traders have shaken the anxiousness that the market is possessed on Wednesday and are back to believing in the market's bullish trajectory. February live cattle are up $3.25 at $196.95, April live cattle are up $2.32 at $197.85 and June live cattle are up $1.85 at $192.32. It is helping that boxed beef prices are fully higher, and it's still assumed that cash cattle prices will be higher again too this week although no trade has surfaced at this point. Some bids have surfaced in Nebraska at $200 live and $315 dressed, but it's likely that feedlot managers are going to hold out for more money. Asking prices are noted in the South at $200 and in the North at $320.
Boxed beef prices are higher: choice up $2.21 ($330.82) and select up $2.48 ($309.37) with a movement of 80 loads (51.49 loads of choice, 8.56 loads of select, 4.79 loads of trim and 14.97 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex may have waned lower through Wednesday's trade, but the market is rocking and rolling through Thursday's hours as the nearby contracts are trading anywhere from $3.00 to $4.00 higher. January feeders are up $4.00 at $269.57, March feeders are up $3.57 at $268.55 and April feeders are up $3.12 at $269.27. And given that the CME feeder cattle index closed at $272.86 -- I think it's safe to assume that buyer demand remains red hot in the countryside which could be partially why traders have again decided the best direction for the contracts is higher.
LEAN HOGS:
Traders are thankful to see midday pork cutout values higher which is partially helping them post a significant rally this morning. Dare I say what we all are thinking: Has the market found a bottom and aims to trade higher with the recent uptick in demand? Hog producers sure hope so, and hopefully, Friday's WASDE report will answer some of those questions. February lean hogs are up $2.50 at $81.97, April lean hogs are up $2.05 at $87.12 and June lean hogs are up $1.62 at $100.35.
The projected lean hog index for 1/8/2025 is down $0.46 at $80.59, and the actual index for 1/7/2025 is down $0.54 at $81.05.
Hog prices on the Daily Direct Morning Hog Report average $79.35, ranging from $76.00 to $81.00 on 1,285 head and a five-day rolling average of $79.51. Pork cutouts total 244.00 loads with 228.77 loads of pork cuts and 15.23 loads of trim. Pork cutout values: up $0.13, $90.66.
No comments:
Post a Comment