Weather Canada Wx Futures Markets Quotes Charts Options Grain Market News Markets Page
 

 
Printable Page Market News   Return to Menu - Page 2 3 4 5 6 7 8 9 10
 
 
DTN Midday Livestock Comments          07/20 12:01

   Pressure Develops Friday in All Livestock Trade  

   Lower prices have developed in cattle and hog markets Friday morning. 
Traders are preparing for the upcoming cattle on feed report Friday afternoon, 
which is limiting support in cattle trade. Hog markets remain extremely weak 
following recent price pressure. 

By Rick Kment
DTN Analyst

GENERAL COMMENTS: 

   Price pressure has developed in all livestock markets with traders looking 
for increased market direction next week. The release of the cattle on feed 
report is causing some late-week position taking as traders don't expect a 
major shift in the report, but seem to be trying to prepare for anything. Hog 
markets continue to erode as contracts have set contract lows once again with 
little support expected to be seen. Corn prices are higher in light trade 
Friday. July corn futures are 3 cents higher. Stock markets are higher in light 
trade. The Dow Jones is 25 points higher while Nasdaq is up 7 points.

   LIVE CATTLE:

   Narrow losses have moved into the live cattle complex after prices have 
bounced higher and lower through the lightly traded morning session. Traders 
are looking for additional direction in both cash cattle trade at the end of 
the week, and the afternoon release of the cattle on feed report. This may add 
some volatility to the market early next week, but the underlying firm tone 
seen over the last couple weeks is still expected to hold. Cash cattle bids 
have been floated at the same price levels as seen earlier in the week. The 
lack of movement so far midday Friday is expected to push trade off until after 
the cattle on feed report at 2 pm central time. Bids remain at $108 live and 
$173 dressed. Asking prices are not budging either, leaving a wide gap between 
the two levels with asking prices at $114 and higher live and $180 and up 
dressed. Boxed Beef cut-outs at midday are lower, $0.17 lower (select) and down 
$0.57 per cwt (choice) with light movement of 58 total loads reported (26 loads 
of choice cuts, 4 loads of select cuts, 9 loads of trimmings, 18 loads of 
ground beef). 

   FEEDER CATTLE:

   Moderate losses have continued to develop through the feeder cattle futures. 
This has added increased weakness to the market with August futures leading the 
market lower with an 85 cent per cwt loss. The recent market support that has 
helped to sustain additional buyer support through the week, is being countered 
to the uncertainty on the upcoming cattle on feed report Friday afternoon. 
Trade is expected to remain extremely limited through the rest of the session.

   LEAN HOGS:

   Sharp losses have continued to add market pressure to the August complex, 
which is weakening all markets. Triple-digit losses are seen across the entire 
complex with prices falling $1.20 to $1.60 per cwt at midday. The inability to 
sustain any support that tried to redevelop Thursday is causing many traders to 
view the market even more bearish than previously expected. This could add 
increased pressure through next week as prices have already set contract lows 
once again. Cash prices are lower on the National Direct morning cash hog 
report. The weighted average price is down $0.88 at $68.37 per cwt with the 
range from $64.00 to $70.00 on 5,231 head reported sold. Cash prices are 
unreported due to confidentiality on the Iowa/Minnesota Direct morning cash hog 
report. The National Pork Plant Report posted 173 loads selling with carcass 
values falling $1.83 per cwt. Lean hog index for 7/17 is at $79.15 down 0.54 
with a projected two-day index of $78.62, down 0.53.

   Rick Kment can be reached at rick.kment@dtn.com 


(SK)

Copyright 2018 DTN/The Progressive Farmer. All rights reserved.

For more free DTN information sent right to your email each morning - click here to sign up for DTN Snapshot.
 
 
Copyright DTN. All rights reserved. Disclaimer.
Powered By DTN