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DTN Midday Livestock Comments          05/27 11:47

   Time Ticks Slowly Ahead of the Long Weekend for the Livestock Complex

   It's been a lackadaisical day for the livestock complex as the markets are 
uneventfully thus far Friday.

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   Largely, it's an uneventful day, as the livestock market longs for the 
weekend ahead. Trade will likely continue to roll throughout Friday afternoon 
and pick up dynamically come next week. July corn is up 13 1/4 cents per bushel 
and July soybean meal is up $4.90. The Dow Jones Industrial Average is up 
357.57 points.

LIVE CATTLE:

   The nearby live cattle contracts are keeping with their descend, while the 
deferred months see a little profit taking. June live cattle are down $0.20 at 
$132.20, August live cattle are down $0.37 at $132.22 and October live cattle 
are down $0.12 at $138.05. Given how much of the market's premium has eroded in 
the deferred months, any little victory for the back months will be warmly 
welcomed as, fundamentally speaking, the market should garnish higher prices as 
supplies of market-ready cattle will thinner then. Friday's cash cattle market 
hasn't seen an ounce of interest as the week's business is appearing to be done 
with. We know that this week's volume will be considerably thinner than weeks 
past, as packers have opted to pull on their supplies of cattle committed to 
them via deferred delivery instead of supporting the cash market. Throughout 
the week, Southern live cattle have traded for $137 ($1.00 lower) and Northern 
dressed cattle traded for $223 ($3.00 lower than last week).

   Boxed beef prices are higher: choice up $0.96 ($264.93) and select up $2.26 
($246.69) with a movement of 68 loads (28.68 loads of choice, 6.14 loads of 
select, 5.10 loads of trim and 27.91 loads of ground beef).

FEEDER CATTLE:

   The feeder cattle contracts are keeping with their descend as the market 
retracts thanks to Friday's rally in the corn market. With the corn complex 
rallying $0.11 to $0.12, and with the live cattle contracts aiding no 
substantial support in their nearby contracts and showing less and less 
confidence in the deferred months as the day trades on -- it's likely that 
Friday closes on a lower note for the feeder cattle market. August feeders are 
down $0.65 at $166.02, September feeders are down $0.60 at $169.12 and October 
feeders are down $0.85 at $171.70.

LEAN HOGS:

   After rallying aggressively through Thursday's trade, the nearby lean hog 
contracts are trading lower while the deferred months add to their position. 
June lean hogs are down $0.85 at $110.25, July lean hogs are down $0.12 at 
$111.70 and August lean hogs are down $0.12 at $110.00. Given how bold and 
aggressive the market was earlier in the week, it's likely that the market 
drifts through the day not doing much and lets next week decide where the 
market shall go. Monitoring pork demand after the Memorial Day weekend will be 
key as it will strongly influence the market's nearby trajectory. Before 
heading into the long weekend, it is important to note that Germany has 
confirmed that a domestic pig farm near the French border has been confirmed to 
have African swine fever.

   The projected lean hog index for May 26 is up $0.52 at $104.93, and the 
actual index for May 25 is up $0.52 at $104.40. Hog prices are lower on the 
Daily Direct Morning Hog Report, down $2.80 with a weighed average of $108.54, 
ranging from $107.50 to $116.50 on 3,591 head and a five-day rolling average of 
$111.08. Pork cutouts total 182.08 loads with 162.82 loads of pork cuts and 
19.27 loads of trim. Pork cutout values: up $0.39, $108.52.

   ShayLe Stewart can be reached shayle.stewart@dtn.com




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