GENERAL COMMENTS:
Cattle contracts had another tough go into Thursday's closing bell, but the lean hog market was able to triumph two wins -- a higher close on the board and a higher afternoon cash market. Hog prices are higher on the National Direct Afternoon Hog Report, up $0.50 with a weighted average of $51.13. May corn is down 3 1/4 cents per bushel and May soybean meal is down $5.00. The Dow Jones Industrial Average is down 969.58 points and NASDAQ is down 279.49 points.
LIVE CATTLE:
When it rains, it pours, right? It sure feels that way in the cattle contracts right now. The coronavirus is creating a colossal headache for cattle market enthusiasts. The board closed sharply lower in nearby contracts and only slightly lower in deferred, but the biggest loss of the day was seen in the cash market. April live cattle closed $2.62 lower at $108.65, June live cattle closed $1.87 lower at $102.65 and August live cattle closed $0.77 lower at $103.77. Cash cattle traded steady with the week's going prices in the South at $113, which is $2.00 lower than last week's weighted average. But the North is where the cattle trade developed significantly lower. A moderate offering in the North traded for $180 to $182 dressed, $4.00 to $6.00 lower than last week's weighted average.
Boxed beef prices closed mixed: choice up $0.43 ($207.25) and select down $0.45 ($201.06) with a movement of 102 loads (75.78 loads of choice, 7.61 loads of select, 4.48 loads of trim and 14.45 loads of ground beef). Thursday's slaughter is estimated at 123,000 head, 1,000 head more than a week ago and 7,000 head more than a year ago.
FRIDAY'S CASH CATTLE CALL: Steady. The market has already given up significant position, so the market will most likely finish the week's trade well within the trading ranged established this week.
FEEDER CATTLE:
Feeder cattle contracts closed lower with little chance of fighting the pressure building in the complex and closing higher. The market is truly in a tough spot as sale barns are experiencing lighter runs of feeder calves because cattle were placed earlier this year, and it's still too soon for grass enthusiasts to get really excited about buying. March feeders are down $1.22 at $133.62, April feeders are down $1.90 at $133.65 and May feeders are down $1.97 at $134.45.
At Winter Livestock Auction in Pratt, Kansas, 3,000 head of feeders sold and, in comparison to last week's sale, feeder steers weighing 600 to 800 pounds sold $1.00 to $2.00 higher, 800 to 1,000 pound steers sold with lower undertones. Feeder higher sold mostly $3.00 to $4.00 higher. The CME feeder cattle index 3/5/2020: up $0.08, $133.83.
LEAN HOGS:
Lean hog contracts caught a jolt of steam after the noon hour and were able to close higher throughout all active contracts, and the cash market closed higher as well. April lean hogs closed $1.07 higher at $65.37, June lean hogs closed $0.55 higher at $79.37 and July lean hogs closed $0.50 higher at $80.65. Pork cutouts totaled 309.03 loads with 281.17 loads of pork cuts and 27.86 loads of trim. Pork cutout values: up $1.30, $67.04. Thursday's slaughter is estimated at 495,000 head, 1,000 head more than a week ago and 23,000 head more than a year ago. The CME lean hog index 3/3/2020: up $0.24, $56.46.
FRIDAY CASH HOG CALL: Steady. The hog market is less volatile than the cattle market right now, but both are subject to changes if anything surfaces surrounding the virus.
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