GENERAL COMMENTS:
The livestock complex is keeping with its mixed trend through Friday's as the cattle contracts are still sinking lower while the hog complex rallies mildly. No new cash cattle trade has developed and it's looking like the bulk of this week's business is done. December corn is up 2 cents per bushel and December soybean meal is down $2.90. The Dow Jones Industrial Average is down 145.93 points and NASDAQ is down 315.95 points.
LIVE CATTLE:
Yes, midday boxed beef prices may be a tick higher; but that's simply not enough support to mean much to the cattle complex at this point. August live cattle are down $2.10 at $224.97, October live cattle are down $2.05 at $221.22 and December live cattle are down $2.37 at $220.82. No new action has developed in the fed cash cattle market and it looks like business is essentially done for the week. Throughout the week, Northern dressed cattle have traded from $370 to $385, but most at $377 to $380, which is $12.00 to $15.00 lower than the previous week's weighted average. Southern live cattle have been traded at mostly $237 to $238, which is $10.00 to $11.00 lower than last week's weighted average.
Boxed beef prices are higher: choice up $0.31 ($368.69) and select up $0.66 ($356.35) with a movement of 74 loads (40.23 loads of choice, 6.39 loads of select, 9.73 loads of trim and 17.97 loads of ground beef).
FEEDER CATTLE:
In keeping alignment with the week's trend, the feeder cattle contracts are yet again trailing lower. August feeders are down $1.15 at $345.45, September feeders are down $2.10 at $338.25 and October feeders are down $3.17 at $331.27. At this point -- with the futures market still trading lower and the fed cash cattle market trading significantly lower -- there's very little chance prices improve before Friday's close.
LEAN HOGS:
The lean hog complex is continuing to grind higher -- pleased with continued support from consumers and thankful enough trader support has worked its way into the market to conquer resistance levels. August lean hogs are up $1.40 at $101.67, October lean hogs are up $1.05 at $87.97 and December lean hogs are up $0.70 at $78.65. With the next resistance point far off in the horizon, it's likely the contracts will be able to keep with their rally through the week's end.
The projected CME Lean Hog Index for 7/16/2026 is up $0.55 at $95.65, and the actual index for 7/15/2026 is up $0.50 at $95.10. Hog prices are lower on the Daily Direct Morning Hog Report, down $3.49 with a weighted average price of $96.68, ranging from $96.00 to $97.00 on 542 head and a five-day rolling average of $99.80. Pork cutouts total 178.26 loads with 166.75 loads of pork cuts and 11.50 loads of trim. Pork cutout values: up $2.85, $105.27.
No comments:
Post a Comment