Feeder cattle contracts lead the movement lower Wednesday morning and since the day's initial opening both live cattle and lean hog contracts have followed suit. The midweek weakness is not going to help the cash cattle market and the cattle that have yet to trade. April live cattle are down $0.40 at $105.05, April feeder cattle are down $2.45 at $125.5, April lean hogs are down $0.83 at $64.175, May corn is down 2 3/4 cents per bushel and May soybean meal is up $0.70. The Dow Jones Industrial Average is down 899.88 points and NASDAQ is down 241.11 points.
LIVE CATTLE
Live cattle contracts are trading lower into the noon hour with deferred contracts taking the day's pressure worse than nearby contracts. April live cattle are down $1.32 at $104.12, June live cattle are down $1.85 at $97.67 and August live cattle are down $2.42 at $97.25. Nearby contracts aren't testing the new lows set earlier in the week but deferred contracts; on the other hand, are setting new contact lows. In regards to cash cattle a light trade is being reported in the South at $110, $3.00 lower than last week's weighted average. At this point the North remains quiet. Asking prices sit firm at $112 to $113 in the South and $180 in the North.
The Fed Cattle Exchange Auction reported a total of 460 head, consisting of three lots (one lot each in Kansas, Texas, and Nebraska). All lots were offered at $110 and sold at that price. The Kansas and Texas lots are set for 1-9 day delivery while the Nebraska lot is set for 1-17 day delivery.
Boxed beef prices are mixed: choice up $0.55 ($207.64) and select down $1.71 ($197.00) with a movement of 94 loads (41.20 loads of choice, 13.20 loads of select, 11.10 loads of trim and 28.94 loads of ground beef).
FEEDER CATTLE
Feeder cattle contracts press lower into Wednesday's noon hour and have pushed past the contract's recent low and are testing the waters to see if prices even lower are in Wednesday's wake or if keeping with the set low is where the market will land for the day. March feeders are down $2.07 at $125.67, April feeders are down $2.70 at $125.20 and May feeders are down $3.07 at $126.67.
LEAN HOGS
The lean hog complex trade mostly lower despite opening the day higher than Tuesday's close. Since the market's initial open pressure from the cattle markets have seeped into the lean hog sector and even though the cash hog market is trading higher, contracts are trading lower again. April lean hogs are down $0.82 at $64.17, June live cattle are down $0.50 at $78.80 and July lean hogs are down $0.05 at $79.95.
The projected lean hog index for 3/10/2020 is up $0.48 at $57.75, and the actual index for 3/9/2020 is up $0.18 at $57.27. Hog prices on the National Direct Morning Hog Report are higher, up $0.23 with a weighted average of $52.85, ranging from $47.00 to $55.00 on 6,330 head sold and five-day rolling average of $51.34. Pork cutouts total 157.43 loads with 138.33 loads of pork cuts and 19.09 loads of trim. Pork cutout values: up $1.57, $69.53.
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