GENERAL COMMENTS:
Traders haven't wasted any time or opportunity to advance the cattle contracts as the feeder cattle market has scored another new contract high and the live cattle contracts are inching close to previous resistance levels. No cash cattle trade has developed yet. July corn is down 4 1/2 cents per bushel and July soybean meal is down $0.40. The Dow Jones Industrial Average is down 42.23 points and NASDAQ is up 60.58 points.
LIVE CATTLE:
The live cattle complex's momentum hasn't waned as the contracts are trading even higher into Tuesday's noon hour. August live cattle are up $2.55 at $218.50, October live cattle are up $2.40 at $215.35 and December live cattle are up $1.82 at $215.25. The spot August contract could begin to feel some resistance pressure as the market is nearing the all-time high made earlier in June. Thankfully, boxed beef prices are higher again this morning, which is adding another bullish gust to trader's already ambitious push. However, it's yet to be seen what fed cash cattle prices are going to do this week. Asking prices are noted at $226 plus in the South, and it has been noted that cattle in western Iowa are priced at $240, but no trade has developed just yet. And given that packers have supplies built up around them, it's likely that prices will be steady at best.
Boxed beef prices are higher: choice up $3.28 ($394.26) and select up $1.98 ($379.51) with a movement of 49 loads (30.50 loads of choice, 5.45 loads of select, 6.90 loads of trim and 5.82 loads of ground beef).
FEEDER CATTLE:
Up, up and away! The feeder cattle complex has successfully reached new contract highs as the market is being flooded with support. Buyer demand remains ample in the countryside and thanks to the added technical support of traders willing to invest in the futures complex -- dare I say it's almost been easy for the market to trade higher this morning? August feeders are up $3.07 at $316.80, September feeders are up $3.35 at $316.87 and October feeders are up $3.42 at $314.77.
LEAN HOGS:
The lean hog complex isn't receiving the same level of support that the cattle complex is, but with the wild price swings seen lately in pork cutouts, you can hardly blame traders for being cautious. August lean hogs are down $0.52 at $106.57, October lean hogs are down $0.50 at $92.37 and December lean hogs are down $0.67 at $84.22. If demand happens to stabilize, then there's a chance that the futures complex could establish some footing in the marketplace and that cash demand may improve.
The projected lean hog index for 7/7/2025 is down $1.00 at $107.33, and the actual index for 7/3/2025 is down $1.18 at $108.33. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 1,055 head have traded, and that the market's five-day rolling average now sits at $111.43. Pork cutouts total 175.42 loads with 158.78 loads of pork cuts and 16.64 loads of trim. Pork cutout values: up $0.27, $113.76.
No comments:
Post a Comment