GENERAL COMMENTS:
The cattle contracts ended the day stronger as consumer demand was strong. New showlists appear to be mixed, higher in Kansas and Nebraska/Colorado, but lower in Texas. July corn is up 2 3/4 cents per bushel and July soybean meal is up $0.70. The Dow Jones Industrial Average is up 468.77 points and the NASDAQ is up 795.10 points.
LIVE CATTLE:
With stronger boxed beef prices, the live cattle contracts rallied through the day's end. June live cattle closed $0.75 higher at $250.62, August live cattle closed $2.07 higher at $243.25 and October live cattle closed $3.00 higher at $236.80. The spot August contract closed just $0.05 above the market's 40-day rolling average, which means it will be especially important to see how the market reacts to that on Tuesday. If boxed beef prices remain strong, then traders may be able to hold a position above that threshold. New showlists appear to be mixed, higher in Kansas and Nebraska/Colorado, but lower in Texas. Monday's slaughter is estimated at 99,000 head -- 3,000 head less than a week ago and 1,000 head less than a year ago.
Do note that later this week, the markets will be closed on Friday, June 19, for the Juneteenth holiday, so the monthly Cattle on Feed report will be released on Thursday, June 18.
Boxed beef prices closed higher: choice up $3.12 ($395.05) and select up $3.69 ($376.41) with a movement of 68 loads (40.50 loads of choice, 9.13 loads of select, 5.99 loads of trim and 11.97 loads of ground beef).
TUESDAY'S CATTLE CALL: Steady to somewhat higher. Given that last week packers bought cattle late in the week and then immediately called for delivery on them likely means that they'll need to be a tick more aggressive this week.
FEEDER CATTLE:
It was a fruitful day for the feeder cattle contracts as the market closed anywhere from $4.00 to $5.00 higher and successfully ended the day above both the market's 40-day and 100-day moving averages. August feeder cattle closed $4.12 higher at $361.55, September feeders closed $4.97 higher at $359.52 and October feeders closed $5.17 higher at $356.10. At the Joplin Regional Stockyards in Carthage, Missouri, at their mid-session point, feeder steers were trading steady to $12.00 higher and feeder heifers were trading steady to $18.00 higher, with the biggest gains being seen on the heifers weighing 550 pounds or less. Feeder cattle supply over 600 pounds was 65%. The CME feeder cattle index 6/12/2026: down $5.34, $362.67.
LEAN HOGS:
The lean hog complex ended the day mixed as traders weren't willing to be overly supportive of the contracts without first seeing what consumer demand was going to be like. July lean hogs closed $0.87 lower at $96.57, August lean hogs closed $0.57 lower at $95.77 and October lean hogs closed $1.15 lower at $80.22. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.98 with a weighted average price of $97.25 on 1,398 head. Pork cutouts total 308.61 loads with 290.46 loads of pork cuts and 18.15 loads of trim. Pork cutout values: down $0.27, $97.12. Monday's slaughter is estimated at 484,000 head -- 19,000 head more than a week ago and 9,000 head more than a year ago. The CME lean hog index 6/11/2026: down $0.15, $92.75.
TUESDAY'S HOG CALL: Steady. Given that packers were a tick more aggressive in Monday's market than they normally are, I'd say that it's likely that they'll be active in Tuesday's market as they're likely short bought.
No comments:
Post a Comment