Maybe it was the St. Patrick's Day spirit that boosted the markets but whatever it is, all three livestock contracts are enjoying the day trading positively into the noon hour. May corn is down 8 1/2 cents per bushel and May soybean meal is up $0.80. The Dow Jones Industrial Average is up 830.02 points and NASDAQ is up 397.11 points.
LIVE CATTLE
The live cattle market jumps on the band wagon and pushes morning prices higher. April live cattle are up $4.50 at $96.35, June live cattle are up $4.50 at $89.75 and August live cattle are up $4.50 at $89.57. Nearby contracts push into the extended limit range while deferred contracts trade more conformably from $1.70 to $3.70 higher. The cash cattle market hasn't changed much from Monday's trade as a light offering of live cattle have been sold in parts of Nebraska for $110, which is steady with Monday's prices and $1.00 higher than a week ago. A limited trade of live cattle has also developed in parts of Kansas at $110. Asking prices of $112 to $115 live, and $172 remain firm as the week's trade progresses.
It's interesting that in the midst of the market's havoc there are 4,680 head of fat cattle consigned to Wednesday's Fed Cattle Exchange. There's a healthy mix of cattle from Texas, Kanas, Nebraska, Oklahoma and a few pens from Colorado. There's been rumors that feeders are going to push hard for $115 this week, and given the strange placement on the FCE, it's going to be important to watch that sale Wednesday morning.
Boxed beef prices: choice up $11.23 ($235.59) and select up $9.86 ($226.57) with a movement of 128 loads (82.27 loads of choice, 12.74 loads of select, 7.82 loads of trim and 25.10 loads of ground beef). Boxed beef prices have been exhilarating to watch over the last two days. Monday's advancements were the greatest jumps that both the choice and select cuts have ever seen; choice up $16.22, select up $14.73. Previously the largest jump in one day for choice cutouts was $7.74 on August 12, 2019; and the largest daily jump on select cuts was $5.79 on January 4, 2016. Tuesday's prices continue to push boxed beef values higher as consumer demand spikes for beef products.
FEEDER CATTLE
Feeder cattle contracts enjoy the day's expanded limits as for a surprising change, contracts close fully higher. March feeders are up $6.75 at $115.25, April feeders close $6.75 higher at $114.85 and May feeders close $6.55 higher at $116.52. The positive action on the board probably won't be enough encouragement to cancel out all of the fear and worry that's been spread over the last couple of weeks to really help sale barns Tuesday afternoon.
LEAN HOGS
An elevated futures market, significantly higher pork cutout values and a stronger cash market give the lean hog market a nice midweek boost. April lean hogs are up $4.50 at $58.47, June lean hogs are up $4.20 at $71.00 and July lean hogs are up $4.50 at $72.52. It's a positive sign that the market has been able to open and keep the market rallied, but the big question will be seeing how the market closes Tuesday and opens Wednesday.
The projected lean hog index for 3/16/2020 is up $0.45 at $59.74, and the actual for 3/13/2020 is up $0.43 at $59.29. Hog prices jump higher on the National Direct Morning Hog Report, up $0.87 with a weighted average of $54.25, ranging from $48.00 to $58.00 on 7,973 head and five-day rolling average of $53.78. Pork cutouts totaled 291.58 loads with 279.25 loads of pork cuts and 12.33 loads of trim. Pork cutout values: up $7.54, $80.92.
 |
| #completecalfcare |
No comments:
Post a Comment