GENERAL COMMENTS:
The livestock complex ended the day mixed, with the cattle complex flush with support, but the lean hog contracts still struggling as consumer support has softened. With the week's cash cattle trade thin thus far, it's expected that more business will develop on Friday. December corn is down 3 1/4 cents per bushel and December soybean meal is down $0.70. The Dow Jones Industrial Average is up 613.92 points and the NASDAQ is up 679.24 points.
LIVE CATTLE:
The live cattle contracts were again able to end the day higher, continuing to thrive and prosper on strong trader support. August live cattle closed $3.32 higher at $231.22, October live cattle closed $3.47 higher at $227.45 and December live cattle closed $3.40 higher at $226.72. It will be interesting to see where this week's weighted average lands for cash cattle prices, because although there have been runs of trade here and there, cattle have been slow to trade, and prices have been scattered as feedlot managers are hoping to hold out for more money. So far this week Southern live cattle have traded at mostly $231 to $232, and Northern dressed cattle have traded at mostly $365. But there's no doubt, with feedlot managers seeing improvement on the board, and with there being hope that the Cargill plant in Fort Morgan, Colorado, may be processing again soon, as next week they'll hold their ratification vote, more cattle will likely be needed in the market.
Thursday's slaughter is estimated at 102,000 head -- 6,000 head less than a week ago and 5,000 head less than a year ago.
Boxed beef prices closed lower: choice down $2.93 ($360.50) and select down $1.08 ($341.33) with a movement of 130 loads (91.13 loads of choice, 15.37 loads of select, 13.53 loads of trim and 9.60 loads of ground beef).
FRIDAY'S CATTLE CALL: Higher. Given that the week's movement has been thin thus far, more trade will need to develop on Friday following last week's thin movement. And with the board's support, it's fully assumed that prices are going to be higher this week.
FEEDER CATTLE:
The feeder cattle complex also rallied through Thursday's end as it too is pleased by the increased support from traders, and it is going to continue to closely mirror the mannerisms of the live cattle market. August feeders closed $2.20 higher at $346.47, September feeders closed $3.80 higher at $342.45 and October feeders closed $4.40 higher at $334.02. The CME feeder cattle index 7/29/2026: down $0.22, $347.69.
LEAN HOGS:
With consumer support unstable in this week's market, traders have pulled away from the lean hog contracts and let the market drift mostly $2.00 lower through Thursday's end. August lean hogs closed $2.25 lower at $98.42, October lean hogs closed $2.35 lower at $83.35 and December lean hogs closed $2.67 lower at $74.52. And until demand improves, the market's trajectory will likely be lower. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.74 with a weighted average price of $101.05 on 2,363 head. Pork cutouts totaled 250.41 loads with 233.28 loads of pork cuts and 17.13 loads of trim. Pork cutout values: down $0.14, $101.64. Thursday's slaughter is estimated at 485,000 head – 6,000 head more than a week ago and 17,000 head more than a year ago. The CME lean hog index 7/28/2026: up $0.10, $98.45.
FRIDAY'S HOG CALL: Lower. At this point, packers have likely secured the vast majority of their needs from this week's cash market already.
No comments:
Post a Comment