The livestock complex opened to a strong market in all three livestock markets but as the day has progressed, the cattle contracts have weakened while the lean hog market has secured substantial gain. March corn is down 4 cents per bushel and March soybean meal is down $3.60. The Dow Jones Industrial Average is up 208.67 points and NASDAQ is up 124.31 points.
LIVE CATTLE
Live cattle contracts are timidly entering Monday with slightly lower prices. February live cattle are up $0.05 at $121.32, April live cattle are up $0.22 at $119.90 and June live cattle are down $0.20 at $111.37. Nearby contracts are showing some mild support while the rest of the complex tilts slightly weaker. New showlists appear to be mixed, higher in Nebraska/Colorado, but lower in Kansas and Texas. Winter weather will start to affect how cattle are converting feed and when trade takes place as snowstorm starts to affect when trucks can get in and out of places.
It wouldn't be surprising to see trade happen early in the week again as cattlemen head South for the NCBA convention.
Boxed beef prices are lower: choice down $0.77 ($212.23) and select down $0.23 ($210.43) with a movement of 49 loads (39.34 loads of choice, 4.29 loads of select, zero loads of trim and 5.52 loads of ground beef).
FEEDER CATTLE
Feeder cattle contracts are teetering lower despite seeming to want to trade higher earlier Monday morning. March feeders are down $1.55 at $134.52, April feeders are down $1.22 at $136.30 and May feeders are down $0.67 at $139.02. The feeder cattle market has been subject to harsh swings in the last 10 days as the live cattle market has been weaker, cash cattle have been lower, the January feeder contract expired and bountiful numbers of calves and feeders at the sale barns is starting to saturate the marketplace.
LEAN HOGS
The lean hog market is trying its hardest to secure a bottom in the complex's market and from the support in pork cutout value and rally in the cash market, the board may be able to find some stability after all. February lean hogs are down $0.75 at $56.37, April lean hogs are up $0.92 at $62.50 and May lean hogs are up $1.37 at $71.40.
The projected lean hog index for 1/31/2020 is down $0.95 at $61.41, and the actual index for 1/30/2020 was down $0.42 at $62.36. Hog prices are higher on the National Direct Morning Hog Report, up $1.15 with a weighed average of $53.73, ranging from $45.00 to $55.50 on 3,236 head sold and a five-day rolling average of $54.00. Pork cutouts total 163.73 loads with 146.56 loads of pork cuts and 17.17 loads of trim. Pork cutout values: up $4.07, $73.64.
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