GENERAL COMMENTS:
The livestock complex closed mixed as traders continue to need fundamental support. No new cash cattle trade developed throughout the day, and it looks like the bulk of this week's business is done. July corn is down 3 cents per bushel and July soybean meal is down $4.90. The Dow Jones Industrial Average is up 790.33 points and the NASDAQ is up 219.07 points.
Thursday's export report shared that beef net sales of 13,800 mt for 2026 were down 10% from the previous week and 3% from the prior 4-week average. The three largest buyers were South Korea (6,200 mt), Japan (3,100 mt) and Hong Kong (1,300 mt). Pork net sales of 46,300 mt for 2026 were up noticeably from the previous week and up 34% from the prior 4-week average. The three largest buyers were Mexico (26,100 mt), China (8,800 mt) and Japan (3,600 mt).
LIVE CATTLE:
The live cattle complex ended the day mixed as traders didn't feel comfortable advancing the contracts much further without continued support from the cash market. And so, when no new sales developed today in the cash complex, traders felt pressure to pull the nearby contracts back slightly, but the deferred months were able to advance their contracts mildly still. June live cattle closed $1.25 lower at $254.00, August live cattle closed $1.05 lower at $248.67 and October live cattle closed $0.45 lower at $243.47. So far this week, Northern dressed deals have had a fairly wide range of $392 to $401, mostly $400, $14 higher than the prior week's weighted averages. Southern live sales have been lighter and have been marked at mostly $255 to $256, $9 to $10 higher than the previous week's weighted averages.
Thursday's slaughter is estimated at 110,000 head, 4,000 head more than a week ago and 10,000 head less than a year ago.
Boxed beef prices closed higher: choice up $1.47 ($389.52) and select up $1.92 ($388.17) with a movement of 118 loads (82.86 loads of choice, 4.37 loads of select, 10.48 loads of trim and 20.54 loads of ground beef).
FRIDAY'S CATTLE CALL: Steady. Any more cattle that trade this week will likely hold steady with the week's trend.
FEEDER CATTLE:
The feeder cattle complex traded stronger than the live cattle contracts did, as all the feeder cattle contracts were able to close higher Thursday afternoon. More than anything, the help of strong buyer demand in the countryside seemed to keep the contracts motivated. May feeder cattle closed $1.15 higher at $372.65, August feeders closed $1.00 higher at $373.52 and September feeders closed $1.05 higher at $371.97. At the Torrington Livestock Auction in Torrington, Wyoming, compared to their last sale two weeks ago, steers and heifers traded $8.00 to $12.00 stronger, with a few instances up to $15.00 higher on thin-fleshed grass-type cattle. A very active market on all classes of cattle today, with several new buyers in the seats, and also an active internet. Several long strings were offered today, with drought still throughout the region, forcing many ranchers to sell due to a lack of grass. Feeder cattle supply over 600 pounds was 86%. The CME feeder cattle index 4/29/2026: up $2.67, $372.47.
LEAN HOGS:
Meanwhile, the lean hog contracts closed in a disappointing manner as pork demand continues to be soft. June lean hogs closed $1.47 lower at $102.27, July lean hogs closed $1.22 lower at $105.05 and August lean hogs closed $0.97 lower at $105.45. And until something bullish develops fundamentally, the market's choppy-to-lower trend is expected to continue. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.61 with a weighted average price of $92.64 on 870 head. Pork cutouts totaled 296.01 loads with 259.64 loads of pork cuts and 36.38 loads of trim. Pork cutout values: down $0.43, $96.76. Thursday's slaughter is estimated at 479,000 head, 2,000 head more than a week ago and 2,000 head less than a year ago. The CME lean hog index 4/28/2026: up $0.12, $91.31.
FRIDAY'S HOG CALL: Lower. Packers have likely bought all the hogs they're going to need in the cash market earlier this week.
No comments:
Post a Comment