Heading into the noon hour with more strength
and stability, the livestock market seems to be putting a bottom into
the recent downtrend. All three sectors are trading for higher prices
and the two cattle contracts are pushing prices above $1.00 and $2.00
gains. March corn is down 2 1/2 cents per bushel and March soybean meal
is down $2.40. The Dow Jones Industrial Average is down 48.30 points and
NASDAQ is up 2.09 points.
LIVE CATTLE
The feeder cattle market seems to be leading the
surge higher but live cattle contracts aren't far behind in their
rally. February live cattle are up $1.80 at $121.25, April live cattle
are up $2.32 at $120.85 and June live cattle are up $1.85 at $112.47. If
the market can keep its enthusiasm through closing (which seems
likely), the big watch for next week will be if cash prices are able to
strengthen. Cash cattle trade is elusive Friday morning as most of the
business has already been taken care of for the week.
Boxed beef prices are higher: choice up $1.53
($207.98) and select up $2.11 ($205.90) with a movement of 89 loads
(37.03 loads of choice, 9.55 loads of select, 23.49 loads of trim and
18.61 loads of ground beef).
FEEDER CATTLE
Major gains in feeder cattle market heading into
the noon hour as the complex steadily pulls most prices up over $2.00
gains. March feeders are up $2.75 at $139.07, April feeders are up $2.97
at $141.92 and May feeders are up $2.87 at $143.70. Seeing that the
feeder cattle market lost near $13.00 in the last month, the steady
uptick the last couple of days has been well absorbed and a saving grace
to cattlemen's minds.
LEAN HOGS
The lean hog market steadily moves prices higher
again Friday morning as the complex is still largely supported by
traders and strong morning cash prices have helped solidify the movement
as well. April lean hogs are up $0.65 at $64.72, May lean hogs are up
$0.32 at $73.17 and June lean hogs are up $0.12 at $81.15.
The projected lean hog index is delayed from the
source. Hog prices are higher on the National Direct Morning Hog
Report, up $1.23 with a weighted average of $49.87, ranging from $44.00
to $51.64 on 6,869 head sold and a five-day rolling average of $49.73.
Pork cutouts total 186.01 loads with 165.85 loads of pork cuts and 20.16
loads of trim. Pork cutout values: down $0.17, $62.93.
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