Cash cattle traders are typically preoccupied with other chores this early in the week to lend the country market any definition. We assume that showlists will eventually be priced higher, but defensive futures could make a difference in that regard. The National dressed hog base at midday is quoted 0.10 higher ($51.00-59.00), with a weighted average of $58.46. Corn futures are 4-5 cents higher near the top of the noon hour, boosted by more reports of dry weather in Brazil while ignoring sagging bean and wheat prices. The stock market is under pressure at midday with the Dow off 267 points and the Nasdaq down by 4.
LIVE CATTLE:
While live contracts opened mixed, it didn't take long before yet another wave of long liquidation rolled toward shore. Prices near midday are generally 20 to 102 lower with new spot June catching most of the heat. Apparently trade remain comfortable in waiting for building beef product to overwhelm late spring and early summer demand. Beef cut-outs are significantly higher at midday, up 0.80 (choice, $225.22) to $2.03 (select, $206.82) with light box movement (23 loads of choice cuts, 25 loads of select cuts, zero loads of trimmings, 12 loads of coarse grinds).
FEEDER CATTLE:
Triple-digit losses dominate the feeder market near midday. Besides the softening targets of deferred live futures, buyers are being discouraged by the early week strength in the corn trade.
LEAN HOGS:
Hog issues are mixed at midday with the summer months solidly higher and the far deferred some lower. Seasonally, second-quarter fundamentals should turn the traffic light green, and maybe we're seeing the start of such a transition today. That said, the advance seen so far proves nothing. The carcass value at midday was well supported by all primals except the ham. Pork cut-out: $69.71, up 0.98. CME cash lean index for 04/27: 62.20, up 0.45 (DTN Projected lean index for 04/30: 62.45, up .25).
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