GENERAL COMMENTS:
Thursday had a successfully day turning the livestock complex higher though cash markets are still heavily pressured. The big question will now sit on Friday. Will the board keep trending higher or will the one-day higher, one-day lower game continue?
Cash prices are lower on the National Direct Afternoon Hog Report, down $0.21 with a weighted average of $56.08. May corn is up 10 1/4 cents per bushel and May soybean meal is up $10.80. The Dow Jones Industrial Average is up 188.27 points and NASDAQ is up 160.74 points.
LIVE CATTLE:
Live cattle contracts closed limit higher throughout the complex. April live cattle $3.00 higher at $95.10, June live cattle $3.00 higher at $88.92 and August live cattle $3.00 higher at $89.65. But as Thursday comes to a wrap, the question on everyone's mind is will prices be able to keep the steam built up from Thursday or will prices bear down to looming pressure? Time will tell. On the bright side there's still excellent demand and phenomenal support driving boxed beef prices which should bolster the board some. On the other hand, although there have been some moderate gains on the cash market, given that the two markets are so vastly separated right now makes it hard for the cash market to influence that board's movements. Thursday's cash cattle trade was mostly quiet and it looks like the heart of this week's business could be done.
Boxed beef pries close higher again: choice up $7.31 ($247.24) and select up $9.18 ($238.50) with a movement of 228 loads (142.72 loads of choice, 44.15 loads of select, 14.58 loads of trim and 26.14 loads of ground beef). Thursday's slaughter is estimated at 115,000 head, 2,000 head less than last week and 5,000 head less than a year ago.
FRIDAY'S CASH CATTLE CALL: Steady. Given that most of the week's trade is largely done, it will make it hard for the cash market to move prices significantly.
FEEDER CATTLE:
Feeder cattle contracts nearly all closed limit higher with only a few exceptions for deferred contracts. March feeders closed $4.50 higher at $117.07, April feeders closed $4.50 higher at $114.12 and May feeders closed $4.50 higher at $113.02. Feeder cattle sales were once again too lightly tested to make a comparison to the previous week, but numerous reports showed that slaughter cows were $2.00 to $5.00 higher than last week, and slaughter bull prices followed closely behind. The CME feeder cattle index 3/18/2020: not available at this time.
LEAN HOGS:
The lean hog market was able to close higher but it didn't have near the advancements that the cattle contracts did. April lean hogs closed $3.00 higher at $61.15, June lean hogs closed $1.85 higher at $69.15 and July lean hogs closed $2.10 higher at $72.45. Pork cutouts totaled 389.10 loads with 359.86 loads of pork cuts and 29.23 loads of trim. Pork cutout values: up $4.03, $78.93. Thursday's slaughter is estimated at 494,000 head, 2,000 head less than a week ago and 12,000 more than a year ago. The CME lean hog index 3/17/2020: up $0.84, $60.58.
FRIDAY'S CASH HOG CALL: Steady. The pork market had another day of phenomenal gains in the cutout market, and demand for meat shouldn't weaken any time soon.
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