GENERAL COMMENTS:
Few answers surface about the coronavirus, which leave the entire marketplace up in the air and vulnerable to its roar. The worrisome part of the situation is that no one knows how vast the virus will spread or how detrimental its wake will be. Once officials have more understanding of the outbreak, reassurance should surface, but at this time little knowledge of the virus is known. Hog prices close higher on the National Direct Afternoon Hog Report, up $1.16 with a weighted average of $53.86. March corn is down 6 3/4 cents per bushel and March soybean meal is down $0.50. The Dow Jones Industrial Average is down 453.93 points and NASDAQ is down 175.60 points.
LIVE CATTLE:
Live cattle futures left nothing on the table as the day lunged lower with few questions answered; leaving the same distraught feeling for Tuesday. February live cattle dropped $2.60 lower to $122.25, April live cattle dropped $3.000 to $121.30 and June live cattle dropped $3.00 to $113.02. Until there's some understanding of the outbreak, traders, cattlemen and everyone in between are left in the same worry and wait mentality. There's no doubt that this will trickle into this week's fat cattle trade and most likely benefit packers. As of now there are no asking prices yet established.
Boxed beef prices closed lower: choice down $0.90 ($213.59) and select down $0.20 ($210.50) with a movement of 104 loads (67.99 loads of choice, 15.35 loads of select, 3.67 loads of trim and 17.48 loads of ground beef). Monday's slaughter is estimated at 122,000 head, steady with a week ago and 3,000 head more than a year ago.
TUESDAY'S CASH CATTLE CALL: Quiet. Unless some understanding of the virus is shared, it wouldn't be surprising to see trade wait until late in the week; for most likely lower prices.
FEEDER CATTLE:
Feeder cattle contracts felt the worry of the coronavirus like the rest of the complex and closed lower in every contract except the spot January month. January feeders closed $0.05 higher at $141.90, March feeders closed $4.50 lower at $135.17 and April feeders closed $4.5 lower at $138.00. Last Friday at Crawford Livestock Market in Crawford, Nebraska, 3,883 head of feeders sold in comparison to two weeks ago steers under 650 pounds sold $5.00 to $10.00 higher, steers over 650 pounds sold $4.00 lower except 800 pound steers, which sold $2.00 higher. Heifers sold unevenly steady across all weight brackets. The CME feeder cattle contract 1/24/2020: down $0.46, $144.30. The CME lean hog index 1/23/2020: up $0.24, $61.53.
LEAN HOGS:
Just once the lean hog market seems to find some strength and ability to move pries higher, external factors arise and shift prices lower. February lean hogs close $1.27 lower at $65.95, April lean hogs close $3.00 lower at $70.45 and May lean hogs close $3.00 lower at $76.97. Potentially the only positive thing about Monday market was that the cash hog market was able to move afternoon prices higher, a significant gesture in the middle of the day's mess.
Pork cutouts totaled 334.12 loads with 300.62 loads of pork cuts and 33.50 loads of trim. Pork cutout values: down $0.12, $77.26. Monday's slaughter is estimated at 498,000 head, 87,000 head more than a week ago and 26,000 head more than a year ago.
TUESDAY'S CASH HOG CALL: Steady. Until there's more understanding of the virus its doubtful that prices will move much.
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