The day's initial tumble has left nearly all contracts limit lower and the rest of the day now seems to sit largely uneventful. But upon looking through various reports, there is some light to be shed on the day -- boxed beef prices are mixed at the noon hour, pork cutout values are slightly higher and surprisingly, the cash hog market was able to push through the morning's havoc and trade higher as well. May corn is down 8 1/2 cents per bushel and May soybean meal is down $1.10. The Dow Jones Industrial Average is down 1,998.03 points and NASDAQ is down 616.85 points.
LIVE CATTLE
One of the biggest frustrations about the whole coronavirus outbreak is that now that the market is fully engulfed in fear and driven sharply lower, time is going to have to be the deciding factor, sifting out the facts and deciding where things go next. This comes at a horrible time for the live cattle market as cash prices are dwindling instead of finding new highs, which will consequently affect summer prices whether the coronavirus worsens or gets better.
Live cattle contracts close limit low throughout the entire complex. April live cattle are down $3.00 at $100.07, June live cattle are down $3.00 at $94.25 and August live cattle are down $3.00 at $93.67. The countryside remains quiet and it seems like business could be essentially done for the week with only clean-up trade left to cipher out from now until Friday.
Boxed beef prices are mixed: choice down $0.66 ($206.51) and select up $1.28 ($197.77) with a movement of 64 loads (39.76 loads of choice, 11.37 loads of select, zero loads of trim and 12.74 loads of ground beef).
FEEDER CATTLE
The feeder cattle market sits limit lower with little to talk about. Thankfully the feeder cattle market has some time before producers look at marketing their calves this year, which they hope and pray only gets better from now until early summer. March feeders are down $4.50 at $118.82, April feeders are down $4.50 at $119.02 and May feeders are down $4.50 at $120.75.
LEAN HOGS
The lean hog markets steps into the noon hour with a depressed board but a moderately higher cash market and positive cutout values. April lean hogs are down $2.92 at $60.95, June live cattle are down $3.00 at $75.80 and July live cattle are down $3.00 at $77.00. The board is quiet now that contracts are limit lower, and it seems like everyone is in the same boat; frustratedly waiting.
The two-day lean hog index for 3/11/2020 is up $0.57 at $58.32, and the actual index for 3/10/2020 is up $0.48 at $57.75. Hog prices are still higher on the National Direct Morning Hog Report, up $0.03 with a weighted average of $54.02, ranging from $47.00 to $56.25 on 6,547 head sold and five-day rolling average of $52.12. Pork cutouts total 128.28 loads with 117.59 loads of pork cuts and 10.69 loads of trim. Pork cutout values: up $0.47, $69.29.
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