GENERAL COMMENTS:
The cattle contracts have turned their direction around as both the live cattle and feeder cattle contracts are trading higher. There's been some light trade noted in the Sout at $221 to $222, which is $1.00 higher than last week's weighted average. July corn is down 6 cents per bushel and July soybean meal is up $3.20. The Dow Jones Industrial Average is down 85.38 points and the NASDAQ is up 74.55 points.
LIVE CATTLE:
The live cattle complex has seemed to shake the bearish stigma that it possessed earlier this week as it's trading well over $1.00 higher into today's noon hour. June live cattle are up $1.37 at $215.30, August live cattle are up $1.77 at $209.95 and October live cattle are up $1.75 at $207.82. Helping traders take a more active approach in the market is the fact that boxed beef prices are continuing to trade higher and some early sales in the fed cash cattle market that have been slightly higher. Some light trade has been noted in the South at $221 to $222 which is $1.00 higher than last week's weighted average. Asking prices are noted in the South at $222 but are still not established in the North. Bids of $231 are noted in Nebraska, but no cattle have traded at this price yet.
Boxed beef prices are higher: choice up $1.25 ($366.67) and select up $1.19 ($352.93) with a movement of 66 loads (36.86 loads of choice, 7.61 loads of select, 12.21 loads of trim and 9.38 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex is having a tremendous day as the nearby contracts are trading mostly over $3.00 higher into the noon hour. Helping matters is the fact that most of the nation is expected to get moisture next week which will help with summer pasture and potentially keep drought at bay for some areas. August feeders are up $3.92 at $299.55, September feeders are up $3.85 at $298.32 and October feeders are up $3.67 at $296.20.
LEAN HOGS:
The lean hog complex is trading mixed into Thursday's noon hour as traders are worried about the market's technical resistance pressure. June lean hogs are down $0.07 at $100.20, July lean hogs are down $0.35 at $102.97 and August lean hogs are down $0.22 at $103.30. On the bright side pork cutout values are higher again as consumers have been consistent buyers this week in the pork retail counter.
The projected lean hog index is delayed from the source. Hog prices are higher on the Daily Direct Morning Hog Report, up $2.86 with a weighted average price of $99.27, ranging from $90.00 to $103.25 on 4,272 head and a five-day rolling average of $97.73. Pork cutouts total 139.05 loads with 110.34 loads of pork cuts and 28.71 loads of trim. Pork cutout values: up $1.95, $104.35.
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