GENERAL COMMENTS: A light-to-moderate live trade is being noted in the South at $128, fully steady with last week's weighted average, while a light dressed trade has developed already in parts of the North at $205, also fully steady with last week's weighted average basis Nebraska. According to the closing report, the national hog base is $0.33 higher (carcass base price $41.50-$46.00, weighted average $44.89). Corn futures settled 6 1/2 cents lower in an acceleration of their recent downward trend and perhaps in anticipation of a bearish supply-and-demand report coming Friday. The stock market also posted stiff losses, down 25 points (1%) in the S&P 500.
LIVE CATTLE: Gains in live futures weren't spectacular, ranging from $0.05 in the April to $0.925 in the August, all of which keeps them in line with the recent upward trend in the market and the steady cash business that started to take shape Thursday afternoon. Because the fireworks in the feeder cattle futures market took place mostly in the last 20 minutes of the trading session, there may be some residual buying interest that carries over into Friday. Beef cut-outs: higher, up $0.58 (select, $218.37) to up $0.89 (choice, $224.93) with good-to-moderate demand and light offerings (133 total loads of cuts, trimmings, and grinds).
FRIDAY'S CASH CATTLE CALL: Steady or higher. Northern business got going already Thursday afternoon, with several offerings willing to take last week's price. Asking prices are around $130 in the South and $207-plus in the North.
FEEDER CATTLE: After shedding more than $3.50 over the past five trading sessions, feeder cattle futures seemed to finally experience some bargain-hunting buying interest during Thursday's session, boosted right at the close with a sudden burst of volume in the April contract (the contract's biggest trading day yet). CME cash feeder index for 03/06: $139.76, up $0.17.
LEAN HOGS: Hog futures finished Thursday anywhere from $0.65 higher in the April contract to $0.225 lower in the June contract. This continues to be a recovery bounce off the late-February lows. USDA's announcement this week of enhanced prevention strategies to keep African swine fever from the U.S. herd may spook some bullishness into traders, but futures-trading volume on Thursday was still relatively mild. CME cash lean index for 03/05: $51.85, down $0.09.
FRIDAY'S CASH HOG CALL: Steady to $0.50 lower. Light pressure is expected to continue following the buyers' activity earlier in the week as processors remain focused on ample market-ready supplies.
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