All three livestock contracts trade lower into the noon hour of Tuesday as nearly no support can be found throughout the complex and traders are skeptical of the nearby future. March corn is down 2 cents per bushel and March soybean meal is down $0.60. The Dow Jones Industrial Average is up 38.93 points and NASDAQ is up 53.47 points.
LIVE CATTLE
It's a lower trading day and despite it being only Tuesday, a handful of fats have traded in parts of Colorado at $120, $1.00 lower than last week's weighted average. Southern asking prices have been noted around $122 to $123, and the rest of the north remains with bids and asking prices not sparse. The live cattle contracts jumped on board with trading lower throughout the day with nearby contracts taking the biggest hit and deferred contracts just giving up mild positioning. February live cattle are down $0.80 at $119.50, April live cattle are down $0.85 at $117.82 and June live cattle are down $0.57 at $109.90.
Boxed beef prices are mixed: choice down $0.50 ($208.41) and select is unchanged ($203.70) with a movement of 59 loads (21.24 loads of choice, 14.61 loads of select, 2.74 loads of trim and 20.39 loads of ground beef).
FEEDER CATTLE
Feeder cattle contracts were ambitious earlier in the day but have since fallen into the same depressed trading manner as the other two livestock contracts and are now trading lower than the day's initial open. March feeders are down $0.97 at $134.72, April feeders are down $0.72 at $136.80 and May feeders are down $0.75 at $138.70. As the entire livestock complex bows to a lower day, the feeder cattle contracts don't have much support fire to do anything but the same.
LEAN HOGS
A weakening day throughout the entire livestock market has even crumbled what little support was boosting the lean hog market. If the market can continue to trade positively and exports continue to feed demand, one would think the lean hog complex would be able to pull mild gains. February lean hogs are down $0.30 at $55.90, April lean hogs are down $0.65 at $64.42 and May lean hogs are down $0.37 at $74.02.
The projected lean hog index for 2/10/2020 is down $0.53 at $57.93 and the actual for 2/7/2020 was printed at $58.46, down $1.12. Hog prices are higher on the National Direct Morning Hog Report, up $0.86 with a weighted average of $50.80, ranging from $44.00 to $51.66 on 4,140 head sold and five-day rolling average of $51.14. Pork cutouts total 187.87 loads with 164.93 loads of pork cuts and 22.94 loads of trim.
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