Sharp losses have continued to flood through lean hog trade with April futures holding a $1 per cwt loss, moving below $60 per cwt through the morning. Cattle trade is steady to slightly higher midday as early losses have eroded due to sell orders evaporating through the morning. Corn markets are lower in light trade. March corn futures are 3 1/2 cents lower. Stock markets are lower in light trade. Dow Jones is 320 points lower with Nasdaq down 114 points.
LIVE CATTLE:
Early pressure in live cattle trade Thursday morning has eased with renewed buying slowly trickling into the complex midday. This is allowing contracts to trade steady to 15 cents per cwt higher. The spillover pressure seen in hog trade seems to have lost most of its bearish hold on cattle trade as traders look for steady to firm cash market moves at the end of the week while firming beef values are likely to bring additional underlying support over the next several trading sessions. Cash cattle markets remain inactive with live bids at $121 per cwt and $196 dressed. At this point, it appears that trade will be pushed off until Friday. Asking prices remain at $126 and higher live and $200 to $203 dressed. Boxed Beef cut-outs at midday are mixed, $0.35 higher (select) and down $0.45 per cwt (choice) with light movement of 76 total loads reported (30 loads of choice cuts, 8 loads of select cuts, 15 loads of trimmings, 23 loads of ground beef).
FEEDER CATTLE:
Limited buying has slowly moved into the complex midday as traders have backed away from the weakness in live cattle futures and are focusing on light to moderate pressure in grain trade. There is increased buyer activity developing through the last half of Thursday's trading session. This may help to bring additional underlying support back to the complex over the next couple of weeks.
LEAN HOGS:
Sharp losses have continued to hold following a swift move lower early Thursday morning. Currently April lean hog futures are holding just above session lows of $59.65 per cwt, but the break below $60 per cwt has created strong bearish undertones through the complex as traders are focusing on growing supplies through the spring and concerns surrounding future demand. Cash prices are lower on the National Direct morning cash hog report. The weighted average price is down $0.03 at $49.72 per cwt, with the range from $45.00 to $50.25 on 3,937 head reported sold. Cash prices are lower on the Iowa/Minnesota Direct morning cash hog report. The weighted average price is down $1.65 at $47.82 per cwt, with the range from $45.00 to $49.00 on 426 head reported sold. Pork carcass values are higher on the morning report with prices adding $0.08 per cwt at $65.69 per cwt with 160 loads traded. Lean hog index for 2/5 is $57.16, down $0.20, with a projected two-day index is $56.89, down $0.27.
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