GENERAL COMMENTS:
With more than enough support pouring into the cattle complex, both the live cattle and feeder cattle contracts were able to end the day stronger. New showlists appear to be higher in all major feeding states. July corn is down 6 cents per bushel and July soybean meal is down $1.50. The Dow Jones Industrial Average is up 148.01 points and the NASDAQ is down 351.33 points.
LIVE CATTLE:
With traders willing to look past last week's Cattle on Feed report, and willing to pay more attention to the uptick of last week's fed cash cattle trade and the strength currently being seen in the equity markets, the live cattle contracts successfully ended the day higher. June live cattle closed $1.02 higher at $255.82, August live cattle closed $0.72 higher at $247.35 and October live cattle closed $1.02 higher at $241.00. Monday's slaughter is estimated at 106,000 head -- 7,000 head more than a week ago and 4,000 head less than a year ago. New showlists appear to be higher in all major feeding states.
Last week, both live and dressed deals waited to develop until Friday, but Southern live cattle traded at mostly $258 to $260, which is $2.00 to $5.00 higher than the previous week's weighted average. Northern dressed cattle traded anywhere from $408 to $410, but mostly at $408, which is $3.00 higher than the previous week's weighted average.
Boxed beef prices closed lower: choice up $1.69 ($396.06) and select up $3.51 ($375.59) with a movement of 79 loads (55.80 loads of choice, 4.77 loads of select, 8.58 loads of trim and 10.07 loads of ground beef).
TUESDAY'S CATTLE CALL: Steady to somewhat higher. Given that packers seem short bought, it's likely they'll be active again in this week's market.
FEEDER CATTLE:
The feeder cattle complex had a splendid day, when the contracts rallied anywhere from $2.00 to $4.00 higher, thanks to the added support that the market is currently seeing. But with the technical support of the board's uptick, to the fundamental support currently being seen as fed cattle trade higher, and as feeder cattle demand sees a renewal, the market is chock-full of support right now. August feeder cattle closed $3.82 higher at $370.42, September feeders closed $4.15 higher at $358.82 and October feeders closed $4.27 higher at $366.02. At the Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week, feeder steers over 800 pounds traded $5.00 to $15.00 higher, while those under 800 pounds traded $1.00 to $3.00 higher. Feeder heifers sold $5.00 to $15.00 higher. Steer calves sold $8.00 to $15.00 higher. Heifer calves traded $10.00 to $20.00 stronger. Feeder cattle supply over 600 pounds was 68%. The CME feeder cattle index 6/19/2026: up $1.88, $370.56.
LEAN HOGS:
Without enough support, the lean hog contracts stalled out ahead of Monday's close. July lean hogs closed $0.37 lower at $94.65, August lean hogs closed steady at $96.72 and October lean hogs closed $0.47 lower at $80.85. Unfortunately, until pork demand improves, it's unlikely that traders are going to break through the market's current trading range. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $3.86 with a weighted average price of $97.77 on 2,026 head. Pork cutouts total 232.17 loads with 208.95 loads of pork cuts and 23.22 loads of trim. Pork cutout values: down $0.69, $96.08. Monday's slaughter is estimated at 468,000 head -- 10,000 head less than a week ago and 12,000 head more than a year ago. The CME lean hog index 6/18/2026: down $0.27, $92.17.
TUESDAY'S HOG CALL: Steady. With pork cutout values lower at Monday's end, the cash market may not see much of an improvement on Tuesday.
No comments:
Post a Comment