Cattle contracts are mixed in both the live cattle contracts and feeder cattle contracts as the noon hour approaches. Meanwhile, the lean hog market is trading cautiously higher, waiting to hear what the day has to offer around the phase one trade agreement. The agreement was signed earlier Wednesday morning but official details about the agreement won't be shared until later Wednesday afternoon. March corn is up 1/2 cent per bushel and March soybean meal is up $1.20. The Dow Jones Industrial Average is up 161.70 points and NASDAQ is up 38.51 points.
LIVE CATTLE
The live cattle market is held back trading on both sides of steady as the market's attention falls completely to the trade agreement and hog market. It was interesting though that Wednesday morning about half of the cattle consigned to the Fed Cattle Exchange sold for steady prices compared to last week's trade indicating that the entirety of the cash cattle market's trade should be fully steady if not higher when cattle do end up selling. For now, the county sits idle with asking prices at $126 to $127 in the South and $202-plus in the North. February live cattle are up $0.05 at $126.90, April is steady at $127.87 and June live cattle are down $0.07 at $119.65.
The Fed Cattle Exchange Auction reported a total of 744 head, with six lots total (two lots each in Kansas, Nebraska, and Texas). Asking prices ranged from $124 to $125. Three lots sold, one each in Kansas and Texas at $124.25, and one lot in Texas at $124, for a total of 435 head sold, all set for one-9-day delivery.
Boxed beef prices are higher: choice up $0.25 ($213.01) and select up $0.82 ($211.12) with a movement of 99 loads (69.27 loads of choice, 9.09 loads of select, 2.69 loads of trim and 17.99 loads of ground beef).
FEEDER CATTLE
Seeming to be thrown to the wayside as all eyes lie on the hog market, the feeder cattle market trades evenly on both sides of steady. January feeders are down $0.60 at $145.30, March feeders are down $0.87 at $144.85 and April feeders are down $0.65 at $148.00. Sale barns are staying busy this week rolling feeders and calves through sales and still ringing in mostly higher prices.
LEAN HOGS
Patience -- it's a word that the lean hog sector knows all too well. But as questions roar about what exactly the agreement entails, the market can trade higher if given the opportunity on both the future's market and the cash market. February lean hogs are up $0.07 at $67.75, April lean hogs are down $0.05 at $74.95 and May lean hogs are up $0.30 at $81.40.
The projected lean hog index for 1/13/2020 is up $0.01 at $59.00, and the actual for 1/10/2020 came in at $58.99, down $0.37. Hog prices are lower on the National Direct Morning Hog Report, down $0.22 with a weighted average of $51.19, ranging from $46.00 to $52.00 on 7,875 head sold and a five-day rolling average of $50.82. Pork cutouts total 186.80 loads with 170.34 loads of pork cuts and 16.47 loads of trim. Pork cutout values: up $0.94, $75.23.
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