Thursday, April 16, 2020

Money hogs decrease, beef and pork sharply larger

Market Information

Money hogs decrease, beef and pork sharply larger

Money cattle enterprise was typically undeveloped Thursday. There have been just a few fed cattle bids in Nebraska at $155 dressed, however not sufficient precise gross sales to report. Plant closures and slowdowns due to COVID-19 circumstances at packing vegetation raises questions on what number of cattle can be processed for the week. It seems that money cattle enterprise will happen on Friday, if in any respect. Due to the variety of constructive COVID circumstances amongst packing plant employees, many vegetation are working at decreased ranges or under no circumstances. Regardless, there's continued uncertainty about meat demand. The present robust rise in beef cutout worth has extra to do with uncertainty about provide reasonably than demand, in response to DTN. Reside cattle futures contracts closed reasonably to sharply larger Thursday, from $.42 to $1.65 larger, whereas feeder cattle futures ended the day sharply larger, up $1.42 to $2.90. Boxed beef is sharply larger once more. Selection containers are $5.34 larger at $235.87. Selects are $3.76 larger at $225.98. Estimated cattle slaughter for Thursday is 92,000 head; 7,000 lower than final week, 30,000 fewer than a yr in the past.

The money hog market stays below stress as slaughter capability continues to shrink due to packing vegetation having to both shut down or decelerate due to COVID-19.  The one vivid spot for the US pork sector is export potential.  World protein demand is excessive and so long as the US doesn’t see a serious disruption to its manufacturing, it needs to be properly positioned to satisfy the world’s pork and export wants.  This week’s export gross sales had pork gross sales down on the week, however nonetheless up on the 4-week common.  China was this week’s high purchaser. Money hogs are decrease.  Nationwide Direct butcher hogs $1.16 decrease with a weighted common of $32.87. Iowa/Minnesota Direct hogs had been $1.60 decrease, with a weighted common of $32.34. Western Corn Belt Direct hogs had been $1.17 decrease, with a weighted common of $32.81. The pork carcass cutout ended Thursday sharply larger, up $3.76 at $55.86. Estimated hog slaughter Thursday was 444,000; 28,000 fewer than final week and 36,000 fewer than final yr.

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