It appears the emotional shake of Wednesday's
trade agreement is starting to subside, and trade is finding comfort at
slightly lower, steady sideways prices. It wouldn't be unlikely to see
the rest of the day pass by without a whole lot of market action between
here and closing. March corn is up 10 cents per bushel and March
soybean meal is down $0.50.
The Dow Jones Industrial Average is up 58.03 points and NASDAQ is up 11.36 points.
LIVE CATTLE
A snow storm is anticipated to hit most of
feeding country sometime Friday, which will be accompanied by freezing
rain and frigid temperatures. Some of Thursday's early trade could have
been because feeders knew that roads were going to be slick over the
weekend and cattle were going to be stressed throughout the storm. A few
bids; mostly clean-up in nature, have popped up at $199 in Nebraska,
and $198 in Kansas, but for the most part packers are sitting back,
feeling like most of the business is done for the week at this point.
Though the board is still reading losses, it's seeming like common
ground has been found and the emotion from Wednesday is wearing off.
February live cattle are down $0.20 at $125.92, April live cattle are up
$0.45 at $126.87 and June live cattle are up $0.05 at $118.90.
Boxed beef cutouts are higher: choice up $1.09
($213.99) and select up $1.98 ($213.45) with a movement of 60 loads
(38.90 loads of choice, 5.14 loads of select, 9.82 loads of trim and
6.60 loads of ground beef).
FEEDER CATTLE
Feeder cattle contracts are still trading on the
lesser side of steady, but at least Friday's morning trade isn't a
complete nose-dive, plunge lower. January feeders are down $0.60 at
$144.82, March feeders are down $0.47 at $144.35 and April feeders are
down $0.62 at $147.17. Seeing that fat cattle trade is most likely done
for the week, leaves little room for the feeder cattle contracts to
latch onto some late-week gains and trade higher.
LEAN HOGS
After Thursday's lower trade, Friday has opened
to a mostly steady market, trading just $0.17 to $0.32 lower on most
contracts. February lean hogs are up $0.27 at $67.15, April lean hogs
are down $0.32 at $73.45 and May lean hogs are down $0.32 at $80.40. It
appears the sourness from Wednesday's trade agreement is starting to
settle as contracts trade mostly sideways. Throughout different parts of
the morning there has been phases of buyer interest as traders look for
opportunities to get into the market.
The projected lean hog index for 1/16/2020 is up
$0.30 at $60.45, and the actual for 1/15/2020 is up $0.62 at $60.15.
Hog prices are higher on the National Direct Morning Hog Report, up
$0.15 with a weighted average of $51.37, ranging from $48.00 to $51.68
on 4,138 head sold and five-day rolling average of $51.07. Pork cutouts
total 234.07 loads with 211.58 loads of pork cuts and 22.49 loads of
trim. Pork cutout prices: down $2.82 at $72.63.
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