GENERAL COMMENTS:
It's been a wild day so far for the livestock complex as all three of the markets are trading sharply higher into Wednesday's noon hour. Still no cash cattle trade has developed but there is a single bid currently on the table in Nebraska. December corn is down 3 cents per bushel and December soybean meal is down $3.30. The Dow Jones Industrial Average is up 96.74 points and NASDAQ is down 5.29 points.
LIVE CATTLE:
Almost seeming to double down and show all its power and might, the live cattle complex has jolted higher thus far through Wednesday's trade. October live cattle are up $3.35 at $241.55, December live cattle are up $2.87 at $242.80 and February live cattle are up $2.35 at $243.60. Wednesday's move comes somewhat as a surprise because midday boxed beef prices are lower, and the fed cash cattle market hasn't seen any cattle trade just yet. So, while I'd typically point to the market fundamentals for reason, today's powerful move is seeming to be a decision made solely based upon the market's technical position as traders continue to respect the long-term bullishness of the cattle complex. A single bid is currently on the table in Nebraska at $245, but still no cattle have traded. Southern asking prices are firm at $243 but are still not established in the North. Trade will likely be delayed until Thursday or Friday.
Boxed beef prices are lower: choice down $2.08 ($411.09) and select down $2.92 ($387.84) with a movement of 71 loads (50.62 loads of choice, 11.28 loads of select, 6.21 loads of trim and 3.24 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex is taking on the same rallying mannerisms of the live cattle market as traders continue to show respect and give credence to the market's unwavering, long-term fundamental position. September feeders are up $3.80 at $368.85, October feeders are up $4.17 at $367.95 and November feeders are up $4.35 at $366.17. I do think it's worth nothing that again today the contracts that are seeing the biggest gains are the deferred months as traders are realizing that supplies aren't going to become greater any time soon.
LEAN HOGS:
Keeping with the same gusto it possessed Tuesday, the lean hog complex is thriving as the market nears Wednesday's noon hour. October lean hogs are up $0.97 at $94.40, December lean hogs are up $0.97 at $86.90 and February lean hogs are up $0.72 at $88.85. And again today, the market can't point to its fundamentals as support as both cash prices and pork cutout values are lower; so instead, today's energy is solely being driven by eager traders who see an opportunity.
The projected CME Lean Hog Index for 8/26/2025 is down $0.23 at $106.63, and the actual index for 8/25/2025 is down $0.41 at $106.86. Hog prices are lower on the Daily Direct Morning Hog Report, down $0.06 with a weighted average price of $109.00, ranging from $102.00 to $110.00 on 3,045 head and a five-day rolling average of $108.40. Pork cutouts total 153.81 loads with 133.35 loads of pork cuts and 20.47 loads of trim. Pork cutout values: down $1.09, $111.96.
No comments:
Post a Comment