As time progresses into the noon hour, cattle contracts are holding their ground and pushing almost the entire complex to limit higher prices. Thus far the complex is seeming to have broken free from the one-day higher, one-day lower trend. If the day is able to continue as it's trending, cash prices are sitting in a better position. May corn is up 4 3/4 cents per bushel and May soybean meal is down $1.30. The Dow Jones Industrial Average is up 1,710.23 points and NASDAQ is up 483.66 points.
LIVE CATTLE
Live cattle contracts are successfully taking the day for all that's worth pushing contracts fully into expanded limits. April live cattle are up $4.50 at $106.15, June live cattle are up $4.50 at $97.02 and August live cattle up $4.50 at $98.25. It's encouraging that the day is seeming to have broken the back and forth trade of higher and then lower. If the day can close fully higher, positive moral should spread into the cash market. Cash cattle trade has remained mostly quiet with just a few bids on the table.
Boxed beef prices are higher: choice up $0.16 ($257.48) and select up $0.78 ($245.92) with 92 loads (45.55 loads of choice, 21.63 loads of select, 3.57 loads of trim and 21.66 loads of ground beef).
FEEDER CATTLE
Feeder cattle prices have held strong and continue to thrive into the noon hour. March feeders are up $3.57 at $128.80, April feeders are up $6.75 at $6.75 at $130.07 and May feeders are up $6.75 at $129.50. With the strong board, and good weather, sale barns should be able to muster up better sales this week though there is still an immense amount of distrust in the marketplace with the COVID-19 still affecting the globe.
LEAN HOGS
The lean hog complex is having a commendable day pushing prices anywhere from $1.50 to $2.35 higher. Seeing that the cash prices were up again another $0.87 spurs positive accolades to producers and brings even more support into the marketplace. April lean hogs are up $2.27 at $66.85, June lean hogs are up $1.92 at $72.87 and July lean hogs are up $1.60 at $74.62.
The projected lean hog index for 3/20/2020 is up $1.00 at $63.18 and the actual index for 3/19/2020 is up $0.85 at $62.18. Hog prices are higher on the National Direct Morning Hog Report, up $0.87 with a weighted average of $58.37, ranging from $55.00 to $61.25 with 9,211 head sold and a five-day rolling average of $56.74. Pork cutouts totaled 255.14 loads with 231.67 loads of pork cuts and 23.47 loads of trim.
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