GENERAL COMMENTS:
It's a gloomy day for the livestock complex as all three of the markets are trading lower into Thursday's noon hour. Some more trade has been noted in Nebraska, but cattle have yet to trade in the South. December corn is down 7 1/2 cents per bushel and December soybean meal is up $2.20.
The Dow Jones Industrial Average is down 44.60 points and NASDAQ is up 168.77 points.
Thursday's export report shared that beef net sales of 14,400 mt for 2026 were down 27% from the previous week but up 10% from the prior four week average. The three largest buyers were South Korea (5,300 mt), Japan (3,000 mt) and Hong Kong (1,100 mt). Pork net sales of 36,300 mt for 2026 were up 33% from the previous week and 29% from the prior four week average. The three largest buyers were Mexico (14,200 mt), Japan (6,400 mt) and South Korea (4,100 mt).
LIVE CATTLE:
As the fed cash cattle market continues to break lower, traders have lost hope that fundamental support will be greater later this week. Even though boxed beef prices are higher, seeing the cash market deteriorate all while knowing supplies are going to grow more available in the weeks ahead has traders chock full of anxiousness. August live cattle are down $4.87 at $225.70, October live cattle are down $4.55 at $219.27 and December live cattle are down $4.27 at $218.52. More trade is developing in Nebraska at $228 to $230 live and $362 to mostly $365 dressed. Bids are on the table in Nebraska at $230 live, but otherwise the rest of the countryside remains quiet. Packer interest will likely continue to improve throughout the day, and especially in the South where no cattle have traded.
Boxed beef prices are higher: choice up $4.21 ($376.49) and select up $1.34 ($351.15) with a movement of 60 loads (36.20 loads of choice, 8.11 loads of select, 9.94 loads of trim and 6.19 loads of ground beef).
FEEDER CATTLE:
Like clockwork, the feeder cattle complex is also trading lower into Thursday's noon hour as the market is following the lead of the live cattle futures. August feeders are down $4.12 at $342.22, September feeders are down $3.65 at $335.70 and October feeders are down $3.05 at $327.22. Given that both of the cattle contracts are trading lower, it's highly unlikely they turn positive ahead of Thursday's close.
LEAN HOGS:
While, yes, midday pork cutout values are trading higher, traders don't see the mere $0.43 rally as enough support to justify pulling the futures higher when demand has been soft all week. October lean hogs are down $1.65 at $81.90, December lean hogs are down $1.75 at $72.95 and February lean hogs are down $1.62 at $76.32. The projected CME Lean Hog Index for 8/12/2026 is down $0.05 at $95.89 and the actual index for 8/11/2026 is down $0.05 at $95.89. Hog prices are higher on the Daily Direct Morning Hog Report, up $1.43 with a weighted average price of $97.28, ranging from $97.00 to $99.00 on 308 head and a five-day rolling average of $97.05. Pork cutouts total 127.62 loads with 102.35 loads of pork cuts and 25.27 loads of trim. Pork cutout values: up $0.43, $100.58.
No comments:
Post a Comment