Cattle contracts are struggling to rally deferred contracts while nearby contracts trade with little hesitation. The lean hog market; on the other hand, trades fully higher into the noon hour and shows no weakness whatsoever. May corn is up 6 1/2 cents per bushel and May soybean meal is down $0.10. The Dow Jones Industrial Average is down 345.36 points and NASDAQ is down 83.35 points.
LIVE CATTLE
Live cattle contracts have picked up and run with excitement in nearby contracts while the deferred contracts show a little more resistance.
April live cattle are up $0.70 at $110.85, June live cattle are up $0.55 at $104.55 and August live cattle are up $0.32 at $104.67. The country remains quite Tuesday morning with bids and asking prices still not established and little conversation has been had so far on where trade will end up this week. Given the fact that trade is looking like it will be delayed until the later part of the week is a positive sign for feeders and they may able to squeeze some profits out of packers this week as packers continue to aggressively kill cattle and keep retail shelves stocked.
There are 566 head of fats consigned to Wednesday's Fed Cattle Exchange, with one pen from Texas, Kansas and Nebraska each. The pens from Kansas and Texas offer one-to-nine-day delivery, while the pen from Nebraska offers delivery for one-to-seventeen days.
Boxed beef prices are higher: choice up $1.29 ($206.59) and select up $0.96 ($199.87) with a movement of 37 loads (26.28 loads of choice cuts, 4.59 loads of select, zero loads of trim and 5.83 loads of ground beef).
FEEDER CATTLE
Feeder cattle contracts have held onto most of the day's progression though some deferred contracts are showing some resistance and have began to trade lower as the noon hour approaches. March feeders are up $1.10 at $134.82, April feeders are up $0.75 at $135.80 and May feeders are up $0.42 at $136.40. Last week feeder cattle prices on average cross the country dropped anywhere from $5.00 to $10.00 lower. If fat cattle are able to raise prices higher, even $1.00 higher, some optimism may flow into the feeder cattle market is the board keeps trading higher.
LEAN HOGS
The lean hog market steps to the plate and takes Tuesday with ease as all contracts are trading $0.37 to $0.97 higher. April lean hogs are up $0.97 at $63.77, June lean hogs are up $0.60 at $77.62 and July lean hogs are up $0.77 at $78.75. Seeing the board strengthen without support from a strong cash market is a strong indication that the board is moving with confidence.
The projected lean hogs index for 3/02/2020 is down $0.03 at $56.22, and the actual for 2/28/2020 is down $0.08 at $56.25. Hog prices are lower on the National Direct Morning Hog Report, down $0.21 with a weighted average of $50.01, ranging from $45.00 to $52.00 on 3,925 head sold and a five-day rolling average of $50.25. Pork cutouts total 176.21 loads with 165.10 loads of pork cuts and 11.11 loads of trim. Pork cutout values: up $0.24, $66.79.
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