GENERAL COMMENTS:
The livestock complex is trading mostly higher into midday Wednesday as traders remain eager to support the marketplace. No cash cattle trade has developed, but a single bid is currently being offered in Kansas at $233. March corn is down 1 3/4 cents per bushel and March soybean meal is down $0.00. The Dow Jones Industrial Average is up 261.56 points and the NASDAQ is up 37.27 points.
LIVE CATTLE:
The live cattle complex continues to trade mildly higher as the market is in a bit of a sweet spot. Currently, traders can allow the contracts to climb slightly higher without fears of immediate resistance pressure following last week's sharp decline. But at the same time, traders don't feel pressure to trade the contracts sharply higher as no cash cattle trade has developed yet. There is currently a single big on the table in Kansas at $233, but as of this point, no business has developed and asking prices remain elusive. February live cattle are up $0.57 at $232.95, April live cattle are up $0.30 at $234.87 and June live cattle are up $0.25 at $230.85.
Boxed beef prices are higher: choice up $1.42 ($366.18) and select up $2.41 ($362.25) with a movement of 91 loads (55.81 loads of choice, 8.47 loads of select, 6.97 loads of trim and 19.48 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex is again trading in the same manner as the live cattle market, as its contracts are also trading moderately higher. January feeders are up $1.27 at $363.90, March feeders are up $1.25 at $358.92 and April feeders are up $1.22 at $357.67. So long as the live cattle complex continues to trade higher this afternoon, the feeder cattle contracts should be able to close higher as well.
LEAN HOGS:
The lean hog complex is trading mostly sideways, keeping a slightly higher tone but unwilling to advance the market without seeing stronger fundamental support. Yes, midday pork cutout values are higher, which is a perk, but at the same time, the cash market remains a fickle one to watch as movement in the cash complex has been relatively thin. February lean hogs are down $0.10 at $87.75, April lean hogs are up $0.07 at $95.25 and June lean hogs are up $0.07 at $108.15.
The projected lean hog index for 1/20/2026 is up $0.37 at $82.40 and the actual index for 1/19/2026 is up $0.27 at $82.03. Hog prices are again unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that 2,405 head have traded this morning. Pork cutouts total 138.67 loads with 122.29 loads of pork cuts and 16.37 loads of trim. Pork cutout values: up $0.94, $94.41.
No comments:
Post a Comment