One more major holiday and then the market is in the clear for a while to trade normally. Despite coming off Thanksgiving, Christmas and now New Year's, the market has performed quite well, keeping the futures complex more or less steady and cash cattle prices have gained more position than assumed. March corn is down 2 1/4 cents per bushel and March soybean meal is up $2.20. The Dow Jones Industrial Average is down 90.11 points and NASDAQ is down 42.23 points.
LIVE CATTLE
Live cattle futures are mixed Monday morning, showing some lower prices in nearby contracts but more support in deferred contracts. February live cattle are down $0.35 at $126.35, April live cattle are down $0.17 at $127.60 and June live cattle are down $0.15 at $118.95. As the market looks to the New Year with anticipated higher prices, the live cattle market will surely reciprocate that same energy. It wouldn't be unlikely to see next week host higher prices as it's the first full trading week of the year, feeder cattle sales will resume, and packers will be able to process a full schedule.
Showlists for the week appear to be larger in all major feeding states.
Formula totals for last week: Kansas 68,820 (down 28,701), Nebraska 47,415 (down 16,079), Texas 58,162 (down 29,321). Total trade volume: Kansas 80,418 (down 31,939), Nebraska 66,722 (down 19,055), Texas not available due to confidentiality
Midday boxed beef values are higher: choice up $0.94 ($209.90) and select up $0.69 ($205.26) with a movement of 57 loads (40.96 loads of choice, 6.46 loads of select, 4.04 loads of trim and 5.45 loads of ground beef).
FEEDER CATTLE
Feeder cattle futures are teetering back and forth in nearby contracts on whether higher ground should be sought, while deferred contracts are having no trouble keeping contracts steadily higher. January feeders are down $0.02 at $145.52, March feeders are down $0.20 at $144.60 and April feeders are down $0.17 at $147.12. Feeder calf sales will remain quiet early this week, but toward the end of the week sales will start hosting their regular schedules again.
LEAN HOGS
Lean hog futures have had a fruitful Monday morning and look like the energy may stay throughout closing as the contracts have been steady in their demeanor. February lean hogs are up $1.02 at $71.60, April lean hogs are up $0.72 at $78.60 and May lean hogs are up $0.50 at $84.82.
The projected lean hog index for 12/27/19 is down $0.86 at $58.17, and the actual for 12/26/19 is reported at $59.03, down $0.09. Hog prices are higher on the National Direct Morning Hog Report, up $0.27 with a weighted average of $49.28 ranging from $44.00 to $50.50 on 6,203 head sold and five-day rolling average of $48.76. Pork cutouts totaled 207.87 loads with 199.59 loads of pork cuts and 8.28 loads of trim. Pork cutout values: up $1.30, $76.34.
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