As time continues to pass and the trading week's end is near, cattle contracts are adamant about keeping prices strong, but the lean hog market is subsiding to some deferred pressure all while the morning cash market trades slightly higher. May corn is down 2 cents per bushel and May soybean meal is up $4.50. The Dow Jones Industrial Average is down 268.84 points and NASDAQ is down 87.30 points.
LIVE CATTLE
Live cattle contracts have kept steadily trading higher as the feeder cattle market breaks the edge and builds support for the entire cattle complex. April live cattle are up $3.92 at $99.02, June live cattle are up $0.95 at $89.87 and August live cattle are up $1.55 at $91.20. It would appear that the bulk of cash cattle trade is done for the week. Packers have been especially quiet Friday morning and no bids have been renewed. Northern dressed trade has ranged this week from $168 to $180 while live cattle in the South have traded for $106 to $113. Asking prices for cattle still left to trade are at $115 in the South and $180 in the North.
Boxed beef prices are mixed: choice up $4.20 ($254.07) and select down $0.68 ($240.38) with a movement of 79 loads (34.10 loads of choice, 10.66 loads of select, 18.76 loads of trim and 15.64 loads of ground beef).
FEEDER CATTLE
Feeder cattle contracts aren't holding back heading into the week's close as the entire complex is trading anywhere from $3.00 to $4.00 higher. March feeders are up $3.02 at $120.07, April feeders are up $3.85 at $117.97 and May feeders are up $4.00 at $117.02. Seeing that the feeder cattle contracts are clearing the path for the live cattle market to follow, so long as midafternoon pressure doesn't arise, both cattle contracts have a chance at closing fully higher.
LEAN HOGS
The lean hog complex has changed its tune as the noon hour approaches and is trading most lower heading into the noon hour. April lean hogs are up $1.25 at $62.40, June lean hogs are down $0.30 at $68.85 and July lean hogs are down $0.30 at $72.15. Seeing the large gains that the cattle contracts are taking it makes sense that the lean hog contracts are going to slip back as attention lies on the cattle contracts.
The projected two-day lean hog index for 3/19/2020 is up $0.86 at $62.20, and the actual index for 3/18/2020 is up $0.76 at $61.34. Hog prices on the National Direct Morning Hog Report at $0.03 higher with a weighted average of $56.10, ranging from $52.00 to $60.00 on 6,715 head sold and five-day rolling average of $55.09. Pork cutouts total 308.08 loads with 292.22 loads of pork cuts and 15.87 loads of trim. Pork cutout values: down $1.11, $77.82.
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