GENERAL COMMENTS:
It was another prosperous day for the livestock complex as all three of the markets were able to close higher. Still no cash cattle trade has developed but asking prices are now noted in the South at $214 to $215. May corn is down 2 cents per bushel and May soybean meal is down $1.10. The Dow Jones Industrial Average is down 527.16 points.
LIVE CATTLE:
Well, if today wasn't a bullish gift I truly don't know what would be. Traders elected to advance the live cattle contracts even though boxed beef prices are under some pressure, and despite the market not yet knowing what this week's cash cattle trade is going to amount to. But even so, traders blew past the market's resistance at $207 bright and early this morning and consistently traded the complex higher throughout the day. June live cattle closed $1.82 higher at $208.10, August live cattle closed $1.42 higher at $203.87 and October live cattle closed $1.22 higher at $201.70. The cash cattle market didn't see any trade develop throughout the day, but the sediment throughout the countryside is that feedlot managers are indeed going to demand higher prices again this week. Asking prices are noted in the South at $214 to $215 but are still not established in the North.
Wednesday's slaughter is estimated at 122,000 head -- 1,000 head less than a week ago and 3,000 head less than a year ago.
Boxed beef prices closed mixed: choice up $0.24 ($331.97) and select down $3.13 ($314.52) with a movement of 171 loads (108.37 loads of choice, 37.87 loads of select, 7.97 loads of trim and 16.58 loads of ground beef).
THURSDAY'S CATTLE CALL: Higher. Given that the board is as robustly supported as it is, it's likely that the fed cash cattle market will be able to trade higher again this week.
FEEDER CATTLE:
The feeder cattle complex wasn't quite as gusty throughout the day as the live cattle market was. Traders ran the May feeder cattle contract up to its resistance threshold, but didn't believe that there was enough support to take out the resistance at $289.10 that was established mid-March. Even so, traders showed good faith throughout the day as they did advance the contracts despite not being able to take out exiting resistance levels. May feeders closed $1.42 higher at $288.35, August feeders closed $0.92 higher at $292.17 and September feeders closed $0.95 higher at $291.20. At Ozarks Regional Stockyard in West Plains, Missouri compared to last week feeder steers and heifers traded mostly $3.00 to $6.00 higher. Steer and heifer calves under 700 pounds sold $6.00 to $12.00 higher, with peewee heifers trading as much as $20.00 higher. Feeder cattle supply over 600 pounds was 29%. The CME feeder cattle index 4/22/2025: up $0.19, $288.97.
LEAN HOGS:
The lean hog complex rounded out the day mostly higher although the market wasn't nearly as aggressive today as it was in recent trading days. June lean hogs closed $0.12 higher at $100.15, July lean hogs closed $0.02 higher at $100.30 and August lean hogs closed $0.25 higher at $98.47. Pork cutout values again closed lower as the rib saw a $3.80 dip, and the loin saw a $3.18 – both of which are somewhat expected following a post-Easter dip. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.87 with a weighted average price of $91.87 on 8,087 head. Pork cutouts totaled 326.24 loads with 287.32 loads of pork cuts and 38.91 loads of trim. Pork cutout values: down $1.70, $94.08. Wednesday's slaughter is estimated at 488,000 head, which is steady with a week ago and 8,000 head more than a year ago. The CME lean hog index 4/21/2025: up $0.37, $86.08.
THURSDAY'S HOG CALL: Lower. Given that packers have been aggressive over the last two days in the cash market, it's likely that they're close to being done buying for the week.
No comments:
Post a Comment