Livestock contracts would easily all agree that
the best thing that could happen would be if the day was cut short and
the market closed for the weekend at noon. As the day tracks onward
contracts dip lower and live cattle contracts especially continue to
plummet. April live cattle are down $1.93 at $106.725, April feeder
cattle are down $3.25 at $130.4, April lean hogs are up $0.25 at
$65.625, May corn is down 5 3/4 cents per bushel and May soybean meal is
up $0.90. The Dow Jones Industrial Average is down 664.36 points and
NASDAQ is down 274.12 points.
LIVE CATTLE
If you can't wrap your head around how much the
coronavirus has affected the live cattle contracts, go peek at the April
live cattle contract chart -- it's utterly brutal. The complex is
trading anywhere form $0.47 to $1.92 lower; considering that's nowhere
near the limit position, is Friday's trade really that awful? Friday may
not be locked in at a limit loss, but given the fact that the complex
has been steadily dropping for the last month, means that a lot of
position has been lost in the last 60 days.
Midmorning the April board
broke below the lows set in September when the Holcomb fire erupted.
April live cattle are down $1.75 at $106.90,
June live cattle are down $1.42 at $101.20 and August live cattle are
down $1.22 at $102.52. The country remains quiet at midday following two
days of light to moderate trading. Southern live deals had a full range
of $112 to $113, mostly $113, $2 lower than the previous week, while
Northern dressed business ranged from $180 to $182, $4.00 to $6.00 lower
than last week's weighted average basis Nebraska.
Boxed beef prices are higher: choice up $0.32
($207.57) and select up $2.23 ($203.29) with a movement of 63 loads
(30.77 loads of choice, 5.67 loads of select, 10.75 loads of trim and
16.00 loads of ground beef).
FEEDER CATTLE
Feeder cattle contracts follow behind the live
cattle contracts lead and head for lower prices once again. Although the
feeder cattle complex isn't hitting new lows, the volatility rooted in
the market is fierce. March feeders are down $2.45 at $131.17, April
feeders are down $3.22 at $130.42 and May feeders are down $3.22 at
$131.22.
LEAN HOGS
Even though the cattle contracts are having a
tumultuous Friday, the lean hog market is faring "OK" considering
everything. Nearby contracts are bouncing back and forth from trading
steady to slightly higher, and deferred contracts are trading anywhere
from $0.17 to $0.72 lower. April lean hogs are up $0.55 at $65.92, June
lean hogs are steady at $79.37 and July lean hogs are down $0.15 at
$80.45.
The projected lean hog index for 3/4/2020 is up
$0.33 at $56.79 and the actual index for 3/3/2020 is up $0.24 at $56.46.
Hog prices are lower on the National Direct Afternoon Hog Report, down
$0.93 with a weighted average of $50.57, ranging from $45.00 to $50.76
on 4,908 head and five-day rolling average of $50.48. Pork cutouts total
164.09 loads with 147.47 loads of pork cuts and 16.62 loads of trim.
Pork cutout values: down $0.39, $66.65.
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| #completecalfcare |
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