GENERAL COMMENTS:
Although the cattle complex wasn't gifted an easy day where the contracts just traded higher from the day's start, the market ended up having a fruitful day as the positive development in the cash cattle market helped entice trader's into supporting the contracts. The lean hog complex closed lower as technical resistance remains a barrier for the time being. December corn is up 2 3/4 cents per bushel and December soybean meal is up $5.40. The Dow Jones Industrial Average is up 463.66 points and NASDAQ is up 31.24 points.
LIVE CATTLE:
Well, it was another eventful day for the live cattle complex as traders didn't just let the contracts trade higher throughout the day. No, no, no, instead the complex had to trade higher, and then lower, but thankfully ahead of the day's close, the contracts were able to find security in the positive developments that surfaced in the fed cash cattle market. Although there's just been a slight movement noted in the North, in Nebraska there's been some cattle traded at $385, which is $4.00 higher than last week's weighted average. No trade has developed in the South and asking prices still remain elusive in that region. But thankfully with the stronger sales in the North, hopefully feedlot managers will be emboldened to wrestle for higher prices in the South as well. October live cattle closed $0.40 higher at $229.42, December live cattle closed $0.50 higher at $231.40 and February live cattle closed $0.40 higher at $232.57.
Wednesday's slaughter is estimated at 116,000 head -- steady with last week but 5,000 head less than a year ago.
Boxed beef prices closed mixed: choice down $0.09 ($390.49) and select up $2.32 ($367.96) with a movement of 104 loads (72.46 loads of choice, 19.63 loads of select, zero loads of trim and 12.28 loads of ground beef).
THURSDAY'S CATTLE CALL: Higher. Given that some sales in the North have been reported at higher prices, it's likely that feedlot managers will go toe-to-toe with packers for more money.
FEEDER CATTLE:
Thankfully just like the live cattle complex, the feeder cattle contracts were able to round out the day stronger. Although, the market faced some opposition earlier in the day. September feeders closed $0.37 higher at $346.62, October feeders closed $0.47 higher at $345.62 and November feeders closed $0.52 higher at $343.60. It is worth noting that the market's biggest daily gains were seen in the furthest deferred months, which closed over $1.00 higher. At Winter Livestock Auction in Dodge City, Kansas, compared to last week, heifers over 700 pounds sold $5.00 to $8.00 higher, but heifers under 700 pounds sold steady with a slightly weaker undertone. Steers under 700 pounds traded $30.00 to $40.00 higher, but those over 800 pounds weren't well tested. Slaughter cows sold steady to $4.00 higher. Feeder cattle supply over 600 pounds was 62%. The CME feeder cattle index 8/12/2025: up $1.40, $344.09.
LEAN HOGS:
The lean hog complex rounded out the day weaker as technical resistance remains pressuring. One would think that the uptick in pork demand would help encourage traders to push higher, but resistance around $92.40 in the spot October contract remains an impassable barrier for the time being. October lean hogs closed $0.82 lower at $90.77, December lean hogs closed $0.75 lower at $83.05 and February lean hogs closed $0.85 lower at $85.72. Again, this afternoon (like on the midday report), the picnic and the belly were the two cuts that saw the biggest day-over-day increases. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.93 with a weighted average price of $110.48 on 11,758 head. Pork cutouts totaled 276.83 loads with 246.85 loads of pork cuts and 29.98 loads of trim. Pork cutout values: up $1.80, $116.50. Wednesday's slaughter is estimated at 478,000 head -- 13,000 head more than a week ago and 2,000 head less than a year ago. The CME lean hog index 8/11/2025: down $0.18, $109.84.
THURSDAY'S HOG CALL: Lower. At this point, it's likely that packers have bought the vast majority of their cash needs for the week.
No comments:
Post a Comment