The feeder cattle market has a way of turning heads and sparking spirits. Leading the live cattle complex higher while not totally taking away from the lean hog markets steady increase, the feeder cattle market is to credit for Wednesday's midmorning rally. March corn is down 1 cent per bushel and March soybean meal is up $0.10. The Dow Jones Industrial Average is up 206.52 points and NASDAQ is up 67.39 points.
LIVE CATTLE
A spark of support jumped in the live cattle contracts as the feeder cattle contracts led the initiative to start trading higher around the noon hour. This comes as a welcomed surprise to feeders as they aim for another week of strong cash cattle prices. February live cattle are up $0.35 at $126.87, April live cattle are steady at $127.37 and June live cattle are up $0.40 at $119.37. The Fed Cattle Exchange Auction listed 525 head total with two lots each in Kansas and Texas. Asking prices were at $123 to $125, one lot in Texas was offered $123, but that offer was passed. One lot in Kansas was offered $125.25, but that offer was also passed. The other two lots were unsold. The countryside is mostly quiet with only one bid surfacing in Nebraska at $198, while asking prices are $127 in the South and $203 to $204 in the north.
Boxed beef prices are mixed: choice down $0.22 ($209.34) and select up $0.09 ($206.91) with a movement of 86 loads (62.69 loads of choice, 8.35 loads of select, zero loads of trim and 14.59 loads of ground beef).
FEEDER CATTLE
Opening the day steady with Tuesday's close, the feeder cattle market is feeling ambitious and ready to trade significantly higher yet again this week. January feeders are up $0.80 at $146.70, March feeders are up $1.35 at $146.42 and April feeders are up $1.20 at $149.00. Its positive for the feeder cattle market that sale barns are back to their usual schedule and looking to have large runs this week.
LEAN HOGS
The lean hog complex is split, trading higher in nearby contracts and modestly lower in deferred. February lean hogs are up $0.50 at $69.72, April lean hogs are up $0.52 at $76.27 and May lean hogs are up $0.02 at $82.15. Teetering on whether to trade fully higher the lean hog market again picks the cautious route as feeder cattle contracts warm up and could bolster the live cattle market.
The projected lean hog index for 1/7/20 is up $0.18 at $59.34, and the actual index for 1/6/20 was reported $0.03 lower at $59.16. Hog prices are lower on the National Direct Afternoon Hog Report, down $0.37 with a weighted average of $50.58, ranging from $45.00 to $52.00 with 7,105 head sold and five-day rolling average of $50.36. Pork cutouts total 221.04 loads with 200.21 loads of pork cuts and 20.83 loads of trim. Pork cutout values: down $0.14 at $73.35.
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