All three livestock markets jump higher at the noon hour as the market makes sizeable advances in each sector. Seeing that this burst of positivity has been quick to develop it makes one nervous about its longevity. At this point in the week, feeders hope that it sticks around enough to help cash cattle prices strength into this week's trade. March corn is down 2 1/4 cents per bushel and March soybean meal is up $0.90. The Dow Jones Industrial Average is up 80.39 points and NASDAQ is up 60.14 points.
LIVE CATTLE
Live cattle contracts aren't being left out of Thursday's midday rally and are seeing steady gains of $0.25 to $0.60 throughout the complex. February live cattle are up $0.55 at $121.30, April live cattle are up $0.37 at $119.55 and June live cattle are up $0.22 at $111.05. A few more bids are popping up throughout the country as packers are appearing to be more and more interested in cattle at this time. Bids of $120 have been placed on cattle in Nebraska and Texas and dressed cattle have been bid at $192 to $193. If the market's rally seems to hold throughout the day it could be positive for cash cattle trade this week and be the driver to help bump cash prices a slight bit higher this week.
Boxed beef prices are mixed: choice up $1.08 ($211.80) and select down $1.14 ($206.80) with a movement of 62 loads (33.03 loads of choice, 9.18 loads of select, 5.33 loads of trim and 14.40 loads of ground beef).
FEEDER CATTLE
As the day gets closer and closer to the noon hour, feeder cattle prices are having a modest rally in nearby contracts and a sizeable increase in deferred contracts. March feeders are up $0.45 at $136.12, April feeders are up $0.45 at $137.70 and May feeders are up $0.55 at $140.10. The lean market is taking the front lead on Thursday morning's charge ahead but deferred feeder cattle contracts aren't far behind. If (big if) feeder cattle prices can be an incentive for the live cattle contracts to move higher, feeders will be sitting better than they thought they would be at this time.
LEAN HOGS
Taking the midmorning support by the hand and running up higher as long as it will last, the lean hog market capitalizes on gains in both the cash market and on the future's board. February lean hogs are up $0.45 at $57.55, April lean hogs are up $3.00 at $64.87 and May lean hogs are up $3.00 at $73.30. Most of the lean hog complex is trading with triple digit gains and is benefitting by far the most from this midday push.
Hog prices are higher on the National Direct Morning Hog Report, up $1.36 with a weighted average of $51.37, ranging from $44.00 to $52.00 on 3,781 head sold and five-day rolling average of $52.53. Pork cutouts total 139.83 loads with 121.41 loads of pork cuts and 18.42 loads of trim. Pork cutout values are up $1.63, $66.93.
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