GENERAL COMMENTS:
It ended up being a mixed day for the livestock complex as the live cattle complex closed mixed, but both the lean hog and feeder cattle markets closed higher. New showlists appear to be mixed, higher in Kansas, but lower in Nebraska/Colorado and Texas. July corn is down 9 1/2 cents per bushel and July soybean meal is down $1.70. The Dow Jones Industrial Average is up 374.96 points and the NASDAQ is up 183.56 points.
LIVE CATTLE:
The live cattle complex rounded out the day mixed -- unsure if the marketplace was stable enough to justify trading the nearby contracts higher, so to be safe the nearby contracts closed lower through the day's end while the deferred contracts closed slightly higher. August live cattle closed $0.45 lower at $209.37, October live cattle closed $0.25 lower at $207.10 and December live cattle closed $0.27 lower at $208.05. Unfortunately, today's close in the spot August contract was well below the market's 40-day moving average, which will continue to be a threshold that the market needs to monitor. New showlists appear to be mixed, higher in Kansas, but lower in Nebraska/Colorado and Texas. Monday's slaughter is estimated at 111,000 head, 8,000 head more than a week ago and 2,000 head less than a year ago.
Last week, Northern dressed cattle traded at mostly $376, which is $4.00 lower than the previous week's weighted average. Southern live cattle traded at mostly $228, which is $7.00 to $8.00 lower than the previous week's weighted average. Last week's negotiated cash cattle trade totaled 59,291 head. Of that, 59% (35,040 head) were committed to the market's nearby delivery option, while the remaining 41% (24,251 head) were committed to the market's deferred delivery option.
Boxed beef prices closed mixed: choice down $0.28 ($390.22) and select up $6.15 ($383.10) with a movement of 88 loads (53.64 loads of choice, 10.82 loads of select, 8.65 loads of trim and 14.60 loads of ground beef).
TUESDAY'S CATTLE CALL: Lower. It's likely that with packers able to work last week's market lower, they'll be able to do so again this week.
FEEDER CATTLE:
The feeder cattle complex seemed to regain some footing as the day traded onward and through the afternoon's close as even though the nearby live cattle contracts closed lower, the entire feeder cattle complex was able to maintain its higher position through the day's end. August feeders closed $0.35 higher at $302.80, September feeders closed $0.40 higher at $302.62 and October feeders closed $0.50 higher at $300.85. Today's close in the spot August contract does push the contract slightly above its 40-day moving average, which will continue to be a critical price point to monitor moving forward. At Joplin Regional Stockyards in Carthage, Missouri, compared to last week and at their midsession point, feeder steers under 700 pounds traded steady to $10.00 lower, with heavier weights trading steady to $10.00 higher. Feeder heifers traded $7.00 higher to $10.00 lower. Feeder cattle supply over 600 pounds was 74%. The CME feeder cattle index 6/20/2025: down $0.14, $310.85.
LEAN HOGS:
The lean hog complex continued to rally through Tuesday's end and was able to round out the day fully higher. With the help of continued strong consumer demand, the market felt more than secure enough to continue its upward trend. July lean hogs closed $0.67 higher at $113.45, August lean hogs closed $0.60 higher at $113.05 and October lean hogs closed $0.85 higher at $96.87. The afternoon carcass price was most supported by the belly's $5.08 jump. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.11 with a weighted average price of $109.35 on 1,137 head. Pork cutouts totaled 194.83 loads, with 175.56 loads of pork cuts and 19.26 loads of trim. Pork cutout values: up $0.64, $122.78. Monday's slaughter is estimated at 465,000 head, 13,000 head less than a week ago and 1,000 head more than a year ago. The CME lean hog index 6/19/2025: up $1.19, $108.78.
TUESDAY'S HOG CALL: Higher. Given that pork demand is strong, it's likely that prices will be higher on Tuesday.
No comments:
Post a Comment