Not making the grand-slam entry that cattlemen had hoped for, cattle contracts dive lower Thursday morning. Meanwhile hog producers are remaining hopeful that Thursday's spark will carry into the day's close and that afternoon cash prices could be potentially higher. March corn is up 3 3/4 cents per bushel and March soybean meal is up $2.70. The Dow Jones Industrial Average is up 197.46 points and NASDAQ is up 63.87 points.
LIVE CATTLE
Feeders are not impressed with Thursday's early performance as packers are quiet waiting to see how the board fares through closing. Packers are liking that the board is falling in their favor and that show lists are abundant this week coming off two consecutive equative, shortened holiday weeks. February live cattle are down $1.02 at $124.90, April live cattle are down $1.47 at $125.70 and June live cattle are down $0.95 at $117.95. Bids have yet to surface for fat cattle this week and it's more likely than not that Friday will carry the bulk of the week's trade as Thursday isn't looking too promising.
Boxed beef prices are mixed: choice down $0.34 ($209.08) and select up $0.64 ($202.76) with a light movement of 46 loads (30.38 loads of choice, 5.04 loads of select, zero loads of trim and 10.77 loads of ground beef).
FEEDER CATTLE
Not starting the year out on the foot that many had hoped for, feeder cattle contracts lead cattle contracts lower. January feeder cattle contracts are down $2.37 at $142.95, March feeders are down $2.50 and April feeders are down $2.32. Heavy resistance at $146 to $147 is belittling feeder cattle contracts' ability to break into new, higher prices. Some sale barns will begin their usual schedule Thursday and Friday while others will hold off until sometime next week.
LEAN HOGS
Cattle contracts may be having a rough day, but lean hog contracts are hopeful as time brings the January 15 signing date closer. February lean hogs are up $0.82 at $72.27, April lean hogs are up $0.52 at $78.45 and May lean hogs are steady at $84.05.
The projected lean hog index for 12/30/19 is down $0.24 at $57.93. Hog prices are lower on the National Direct Afternoon Hog Report, down $0.15 with a weighted average of $49.50, ranging from $47.00 to $51.00 on 5,070 hogs hold and a five-day rolling average of $48.86. Pork cutouts total 164.14 loads with 151.17 loads of pork cuts and 12.98 loads of trim. Pork cutout values: up $1.71 at $74.73.
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