GENERAL COMMENTS:
And just like that, the week concludes what could be considered one of its wildest rides. Regardless what market you were interested in, action was volatile and emotional this week, creating headaches for many. May corn closed down 1 3/4 cents per bushel Friday and May soybean meal is up $10.40. The Dow Jones Industrial Average is down 913.21 points and NASDAQ is down 271.06 points.
From Friday to Friday livestock futures scored the following changes: April live cattle up $3.08, June live cattle down $0.22; March feeder cattle up $7.73, April feeder cattle up $6.23; April lean hogs up $5.20, June lean hogs off $3.35.
LIVE CATTLE:
What a week it was cattlemen! This past week seemed to last a whole year in and of itself. From the week's start of limit-lower days, to wrapping up fully higher on the board, to boxed beef prices making history by gaining just over $45 this past week -- it's been a rollercoaster like no one has ever ridden before. Take the week's highlights and fuel your ambition moving forward because -- like we've shared before -- extremes follow one another.
April live cattle closed $3.55 higher at $98.65, June live cattle closed $0.60 higher at $89.52 and August live cattle closed $1.10 higher at $90.75. Friday was largely uneventful with just a little clean-up trade developing in the afternoon. Cash cattle prices had wide variances this week as dressed cattle in the North sold for $168 to $180 and Southern cattle sold for $106 to $113.
Friday's Cattle on Feed Report shared bullish numbers -- cattle and calves on feed were steady, feeders placed in February were down 8% and marketings for February were up 5%.
Boxed beef prices closed mixed: choice up $3.88 ($253.75) and select down $0.89 ($240.17) with movement of 147 loads (58.28 loads of choice, 22.98 loads of select, 29.06 loads of trim and 36.44 loads of ground beef). Friday's slaughter is estimated at 109,000 head -- 8,000 head more than a week ago and 5,000 head less than a year ago. Saturday's kill is estimated at 70,000 head which, while two plants are scheduled to perform regular maintenance, seems a little steep, but it can certainly be done.
MONDAY'S CASH CATTLE CALL: Higher. Seeing that packers are absorbing the market's demand and keeping plants running rapidly, the market is in a position where cash prices could be higher, and demand isn't weakening whatsoever.
FEEDER CATTLE:
Feeder cattle contracts closed substantially higher, posting anywhere from $3.65 to $6.17 gains. March feeders closed $3.65 higher at $120.72, April feeders closed $4.70 higher at $118.82 and May feeders closed $5.22 higher at $118.25. If the board can carry this momentum into next week and boost the cash market, feeder cattle prices are looking to spring and the opportunity of grass and are ready to trade higher. The CME feeder cattle index 3/19/2020: down $0.37, $121.38.
LEAN HOGS:
The hog market couldn't close the day as strong as the cattle market, but nevertheless nearby contracts closed slightly higher while deferred contracts closed mostly $2.00 lower. April lean hogs closed $0.42 higher at $61.57, June lean hogs closed $1.20 lower at $67.95 and July lean hogs closed $2.07 lower at $70.37. Pork cutouts totaled 533.72 loads with 504.57 loads of pork cuts and 29.15 loads of trim. Pork cutout values: up $1.11, $80.04. Friday's kill is estimated at 490,000 head -- 2,000 head less than a week ago and 36,000 head more than a year ago. The CME lean hog index 3/18/2020: up $0.75, $61.33.
MONDAY'S CASH HOG CALL: Steady to slightly higher. Seeing that demand has no means of backing down should lead to a prosperous cash market.
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