GENERAL COMMENTS:
It started as a dismal day and ended as a dismal day for the livestock complex, as the markets never found the support they were looking for throughout Thursday's hours. Bids were offered throughout the day in the cash complex, but no new trade developed. December corn is up 5 1/4 cents per bushel and December soybean meal is up $5.70. The Dow Jones Industrial Average is up 78.62 points and the NASDAQ is up 88.89 points.
LIVE CATTLE:
It was a glum day for the live cattle complex as traders again scouted across the market's horizon for support. There was no new cash cattle trade developing. Additionally, the little trade that did develop was for weaker money. Coupled with the fact that boxed beef prices closed lower again, and no significant support was arising anywhere, it comes as no real surprise that the contracts closed lower. October live cattle closed $0.57 lower at $230.52, December live cattle closed $1.02 lower at $233.47 and February live cattle closed $1.22 lower at $235.95. Bids were offered throughout the day, but no new sales were reported following the light business that developed on Wednesday. On Wednesday, some light trade was noted at $360, which is $5.00 lower than last week's weighted average. Asking prices are noted in the South at $237 to $240 and in the North at $363 plus.
Thursday's slaughter is estimated at 113,000 head, 2,000 head less than a week ago and 9,000 head less than a year ago.
Boxed beef prices closed lower: choice down $5.25 ($363.22) and select down $3.49 ($343.40) with a movement of 132 loads (87.03 loads of choice, 17.44 loads of select, 13.02 loads of trim and 14.60 loads of ground beef).
FRIDAY'S CATTLE CALL: Lower. It's likely that with no new positive fundamental developments, the week's trade will be lower.
FEEDER CATTLE:
The feeder cattle complex did round out the day lower as well, as traders were left with no real other option given that the market's support is minimal right now. And upon seeing the live cattle contracts trade lower, a lower close seemed to be the safest bet. October feeders closed $4.67 lower at $354.30, November feeders closed $5.20 lower at $352.40 and January feeders closed $4.85 lower at $347.17. At R Livestock Connection in Monroe, Utah, compared to last week, feeder steers traded $2.00 to $13.00 lower and heifers traded unevenly steady. Slaughter breaker cows traded $4.00 higher, boning cows sold $2.00 stronger and slaughter bulls sold steady. Feeder cattle supply over 600 pounds was 20%. The CME feeder cattle index 10/1/2025: down $3.08, $361.63.
LEAN HOGS:
The lean hog complex continued to free-fall through Thursday's close as the market simply didn't see the support it needed and closed lower again today. October lean hogs closed $0.25 higher at $98.67, December lean hogs closed $0.22 lower at $86.67 and February lean hogs closed $0.57 lower at $88.45. After having fallen through the market's previous support plane at $87.00, the next support plane for the market is closer to $82.50. Hog prices closed $0.18 lower on the Daily Direct Afternoon Hog Report, with a weighted average price of $99.77 on 1,850 head. Pork cutouts totaled 266.86 loads with 225.86 loads of pork cuts and 41.00 loads of trim. Pork cutout values: down $1.00, $107.35. Thursday's slaughter is estimated at 490,000 head, 5,000 head more than a week ago and 8,000 head more than a year ago. The CME lean hog index 9/30/2025: down $0.47, $104.26.
FRIDAY'S HOG CALL: Lower. At this point, it's most likely that packers have bought the vast majority of their needs already in the cash market and will only participate mildly in the cash market on Friday.
No comments:
Post a Comment