As the midweek point has arrived, livestock contracts trade mostly lower and putting a stop on this emotional selling spree seems to be far from over. May corn is down 8 1/4 cents per bushel and May soybean meal is up $5.50. The Dow Jones Industrial Average is down 1,457.92 points and NASDAQ is down 351.80 points.
LIVE CATTLE
Live cattle contracts are mostly lower and are trading with mostly triple-digit losses into the noon hour. April live cattle are down $0.82 at $95.50, June live cattle are down $3.70 at $86.05 and August live cattle are down $3.15 at $86.40. The only real interest that has developed has been from the Fed Cattle Exchange earlier Wednesday morning. Packer inquiry has been slim Wednesday morning and trade has been wide ranging from Southern live cattle trading at $105 to $112, and Northern dressed cattle selling $168 to $175.
The Fed Cattle Exchange Auction reported a total of 4,680 head of which 1,813 total head sold, with 35 lots total. In Nebraska, there were 10 lots, only two lots sold (398 head) at $111, (two lots, 98 head were offered at $110, but that offer was passed). Kansas had 13 lots total, three lots (345 head) were passed on, $110.75 to $111.50, but two lots (288 head) sold at $112.75, Colorado had 3 lots, none sold, Oklahoma had three lots, none sold, and in Texas there were six lots (1127 head) all sold with a range of $112 to $113. Hearing that rumors of $115 were hoped for earlier in the week make this week's trade somewhat disappointing but then again, some advancement is still progress.
Boxed beef prices are higher: choice up $6.77 ($246.70) and select up $9.03 ($238.35) with a movement of 111 loads (68.19 loads of choice, 23.12 loads of select, 4.08 loads of trim and 15.37 loads of ground beef).
FEEDER CATTLE
Nearby feeder cattle contracts are trying to hold onto the morning's support but as the day progresses it's seeming more and more apparent that the tide will fully turn to lower prices. March feeders are up $0.85 at $114.40, April feeders are steady at $110.87 and May feeders are down $1.75 at $110.10. Sale barns will continue to struggle through these times as runs of cattle will get fewer and fewer as producers are leery of selling and buyers are equally as skeptical.
LEAN HOGS
The lean hog market is following suit as most of the complex is trading lower expected for the spot market. April lean hogs are up $3.12 at $61.65, June lean hogs are down $2.67 at $60.00 and July lean hogs are down $1.97 at $70.30. Cash prices may be trading higher but the current connection between the cash and futures market is stressed as traders are forgoing fundamentals in the midst of coronavirus outbreak.
The two-day lean hog index for 3/17/2020 is up $0.84 at $60.58 and the actual index for 3/16/2020 is up $0.45 at $59.74. Hog prices on the National Direct Morning Hog Report are up $0.65 with a weighted average of $56.19, ranging from $53.00 to $59.00 on 8,174 head and five-day rolling average of $54.44. Pork cutouts total 256.32 with 232.22 loads of pork cuts and 24.10 loads of trim. Pork cutout values: down $0.70, $73.72.
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