As Tuesday nears the noon hour, cattle contracts hang back as interest and support seem farfetched, but the lean hog complex is starting to rally some support in deferred contracts. May corn is down 4 1/4 cents per bushel and May soybean meal is down $2.70. The Dow Jones Industrial Average is down 26.42 points and NASDAQ is up 17.09 points. As Tuesday nears the noon hour, cattle contracts hang back as interest and support seem farfetched, but the lean hog complex is starting to rally some support in deferred contracts.
LIVE CATTLE
Live cattle contracts are heading lower again Tuesday without a lot of interest developing anywhere in the marketplace. April live cattle are down $1.00 at $98.20, June live cattle are down $0.57 at $88.52 and August live cattle are down $0.87 at $89.75. Cash cattle trade has yet to develop, although trade could start emerging as soon as Tuesday afternoon or sometime Wednesday. Some early asking prices are starting out around $120-plus in the South, and $190-plus in the North. Wednesday's Fed Cattle Exchange hosts another large line up of fat cattle to sell. Wednesday's offering consists of 4,696 head of fats with cattle from Oklahoma, Kansas, Texas, Colorado and Nebraska.
Boxed beef prices are lower: choice down $2.67 ($248.30) and select down $3.81 ($234.33) with a movement of 40 loads (17.02 loads of choice, 12.41 loads of select, zero loads of trim and 10.73 loads of ground beef).
FEEDER CATTLE
Feeder cattle contracts head into Tuesday with the same morale that Monday carried. April feeders are down $1.57 at $118.47, May feeders are down $2.02 at $118.87 and August feeders are down $2.22 at $124.70. Sale barns have had impressive runs of cattle this week, which should entice some buyers to look at the cattle available.
LEAN HOGS
As cattle contracts dip lower again on Tuesday, lean hog contracts are trading mildly higher with ease. April lean hogs are down $0.35 at $53.65, June lean hogs are up $0.05 at $59.90 and July lean hogs are up $0.80 at $63.87. With cattle contracts hanging back and keeping trade relatively quiet, inventors can look at the support building in deferred lean hog contracts and see potential abilities to jump in.
The projected lean hog index for 3/30/2020 is down $0.41 at $65.15 and the actual index for 3/27/2020 is down $0.90 at $65.56. Hog prices are lower on the National Direct Morning Hog Report, down $0.57 with a weighted average of $53.88 ranging from $48.00 to $61.00 on 4,296 head sold and five-day rolling average of $57.53. Pork cutouts totaled 189.07 loads with 175.58 loads of pork cuts and 13.49 loads of trim. Pork cutout values: down $1.93, $68.78.
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