GENERAL COMMENTS:
It was another successful day for the livestock complex as all three markets closed higher. Showlists appear heavier in the South but lighter in the North. December corn is up 1 1/4 cents per bushel and December soybean meal is down $2.70. The Dow Jones Industrial Average is down 34.30 points and the NASDAQ is up 6.79 points.
LIVE CATTLE:
Thanks to the continued support from boxed beef prices and the relentless support of the fed cash cattle market, traders again elected to start the week out strong and allowed all the live cattle contracts to close higher. And while all the contracts did indeed round out the day stronger, it is worth noting that while the nearby contracts saw gains of $0.47 to $1.60, the furthest deferred contracts rallied as much as $2.07 higher, as supplies will only likely continue to get thinner and thinner moving into 2026. October live cattle closed $0.52 higher at $231.17, December live cattle closed $1.10 higher at $233.27 and February live cattle closed $1.60 higher at $234.40. New showlists appear to be lighter in the North and slightly heavier in the South. Monday's slaughter is estimated at 100,000 head, 3,000 head less than a week ago and 18,000 head less than a year ago.
Last week Northern dressed cattle traded at mostly $383 to $386, which is $3.00 to $5.00 higher than the previous week's weighted average. The dealings in the South were scant, as only a thin movement transpired in Kansas at $232 to $237, which is anywhere from $3.00 lower to $2.00 higher than the previous week's weighted average, and not a single hoof was traded in Texas by the cutoff time on Friday. Last week's negotiated cash cattle trade totaled 59,039 head. Of which 62% (36,857 head) were committed to the market's nearby delivery, while the remaining 38% (22,182 head) were committed to the market's deferred delivery option.
Boxed beef prices closed higher: choice up $3.67 ($404.24) and select up $6.38 ($377.14) with a movement of 80 loads (40.71 loads of choice, 18.78 loads of select, 3.47 loads of trim and 17.04 loads of ground beef).
TUESDAY'S CATTLE CALL: Steady. There's a chance that prices could trade higher this week, depending on how close to the knife packers really are, but there's one thing that feedlot managers proved last week: that they aren't going to let cattle go for cheaper money when they hold this much leverage.
FEEDER CATTLE:
And just like that, the feeder cattle complex scored yet another new all-time high as the bullishness continues to prevail in the cattle complex. September feeders closed $3.57 higher at $350.92, October feeders closed $4.35 higher at $350.25 and November feeders closed $4.85 higher at $348.32. More than anything, traders seemed to give acknowledge the fact that last week's announcement from Ag Secretary Brooke Rollins didn't share anything about reopening the border anytime soon to Mexican feeder cattle imports, and the fact remains that supplies aren't going to become plentiful anytime soon. At Joplin Regional Stockyards in Carthage, Missouri, compared to last week, feeder steers sold $2.00 to $10.00 higher, with heavy seven weight steers trading as much as $20.00 higher. Feeder heifers under 725 pounds sold $2.00 to $15.00 stronger. Heavier weights traded $3.00 to $5.00 lower. Feeder cattle supply over 600 pounds was 60%. The CME feeder cattle index 8/15/2025: down $3.58, $342.17.
LEAN HOGS:
Although pork cutout values closed down slightly, the lean hog complex was still able to round out the day higher, thanks to the support of traders. Following last week's technical correction, the market has again found some room to trade higher as the contracts are no longer up against immediate resistance pressure. October lean hogs closed $0.02 higher at $90.12, December lean hogs closed $0.42 higher at $83.45 and February lean hogs closed $0.62 higher at $86.25. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.18 with a weighted average price of $107.70 on 5,100 head. Pork cutouts totaled 288.71 loads with 251.28 loads of pork cuts and 37.44 loads of trim. Pork cutout values: down $0.04, $116.36. Monday's slaughter is estimated at 481,000 head, 1,000 head less than a week ago and 3,000 head less than a year ago. The CME lean hog index 8/14/2025: down $0.30, $109.80.
TUESDAY'S HOG CALL: Steady. Packers could show mixed interest again in the cash hog market, as prices were slightly lower today, but over the last couple of trading days, demand has been strong.
No comments:
Post a Comment