Sharp losses have developed in cattle trade with most nearby contracts posting losses greater than $1 per cwt at midday. The lack of follow-through support after early gains developed has put even more pressure on the market. Hog futures remain firm to higher with short covering gaining momentum during the Monday session. Corn prices are lower in light trade. May corn futures are 3 cents lower Friday. Stock markets are higher in light trade. The Dow Jones is 440 points higher while Nasdaq is up 106 points.
LIVE CATTLE:
Triple-digit losses have quickly developed through the entire live cattle futures complex. There is growing uncertainty that buyer support will be able to develop after early gains were quickly washed away. All remaining 2018 contracts have posted triple-digit losses midday, which may add more pressure to the entire complex over the near future. Cash cattle activity remains undeveloped and likely will remain that way until midweek or later. Overall show lists appear to be generally larger for the week, given the overall defensiveness of activity in all markets. Asking prices and bids are undeveloped at this point, and may remain that way until Tuesday or later. But given the pressure in the entire complex, it is expected that all cash bids and asking prices will shift lower from last week's levels. Boxed Beef cut-outs at midday are lower, $0.65 lower (select) and down $0.57 per cwt (choice) with light movement of 60 total loads reported (28 loads of choice cuts, 18 loads of select cuts, 6 loads of trimmings, 9 loads of ground beef).
FEEDER CATTLE:
Triple digit losses have quickly swept through the entire feeder cattle market. There is growing uncertainty as to just how much additional buyer support will be seen through the end of the month. Initial gains in all cattle trade Monday morning were quickly washed away by pressure from the cattle on feed report Friday and overall underlying technical and fundamental pressure seen across all cattle futures. April and May contracts are leading the market lower with losses of $1.30 to $1.40 per cwt at midday.
LEAN HOGS:
Mixed trade continues to be seen through the entire complex. This is holding prices higher in most nearby contracts, although losses are sprinkled through the mix with front-month April contracts holding a 20 cent loss. Other nearby summer contracts are holding prices of 20 to 60 cents per cwt higher with the focus on trying to stabilize the aggressive losses seen last week. Cash prices are lower on the National Direct morning cash hog report. The weighted average price is down $1.14 at $51.82 per cwt with the range from $48.00 to $52.50 on 5,585 head reported sold. Cash prices are lower on the Iowa/Minnesota Direct morning cash hog report. Cash prices are lower on the National Direct morning cash hog report. The weighted average price is down $1.25 at $51.47 per cwt with the range from $48.00 to $52.50 on 2,750 head reported sold. The National Pork Plant Report posted 119 loads selling with carcass values slipping $0.26 per cwt. Lean hog index for 3/22 is at $62.32, down 0.71 with a projected two-day index of $61.35, down 0.97
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