The board heads into Friday's noon hour mostly higher expect for in the evenly split feeder cattle complex. Seeing that the Fed Cattle Exchange was mostly a "no-sale" event, cash cattle trade could be slim again this week following last week's extremely thin trade. May corn is up 2 1/2 cents per bushel and May soybean meal is down $2.40. The Dow Jones Industrial Average is up 385.83 points and NASDAQ is up 42.81 points.
LIVE CATTLE
Live cattle contracts head mostly higher except for a little pressure that's felt in the spot and nearby contracts. June live cattle are down $0.22 at $86.25, August live cattle are up $0.42 at $91.07 and October live cattle are up $0.55 at $95.95. After the Fed Cattle Exchange some light trade developed in parts of the South at $105 -- simply steady with last week's trade.
The price of $105 may be steady but the implications of not trading very many cattle is huge. As we've talked before managing the readily available fed cattle supply through all of this will the most difficult but yet most crucial duty of the industry. Knowing that only a limited amount of fats sold last week, and as the day presses into the afternoon, it's looking like this week may amount to the same. All of which creates great pressure for the weeks to come -- larger showlists, heavier weights and most likely lower prices.
The Fed Cattle Exchange Auction today listed a total of 5,778 head, with a total of 898 head sold, consisting of three pens in Oklahoma totaling 285 head all at $105, two pens in Texas, totaling 403 head all at $105, one pen in Nebraska, 205 head at $105, one pen in Kansas, totaling 133 head at $80, that offer was passed. The one-to-nine-day delivery totaled 873 head no sales reported, one-to-17-day delivery totaled 4,905 head, 898 head sold with a weighted average of $105.
Boxed beef prices are higher: choice up $2.20 ($238.07) and select up $3.62 ($229.60) with a movement of 60 loads (39.70 loads of choice, 12.75 loads of select, zero loads of trim and 7.35 loads of ground beef).
FEEDER CATTLE
Feeder cattle contracts head into Friday's noon hour evenly split. Some contracts are skating lower while others are pushing higher, but neither direct is extreme is its move. May feeders are up $0.82 at $119.30, August feeders are down $0.37 at $128.25 and September feeders are down $0.27 at $129.50. Even though the cash cattle market for fat cattle didn't pan out the way cash enthusiasts had hoped - sale barns should still fair well Friday afternoon if large runs are available to draw in the interest.
LEAN HOGS
Hog contracts head into Friday afternoon fully higher - ranging anywhere from $0.52 to $1.15 higher. June lean hogs are up $1.07 at $44.22, July lean hogs are up $1.15 at $52.22 and August lean hogs are up $0.97 at $56.40. The positive momentum that the week a bolstered has successfully carried into Friday's trade and it looks like the day may be able to close higher as well. The disappointing aspect is that cash prices continue to erode.
The projected lean hog index for 4/16/2020 is down $0.77 at $44.95, and the actual lean hog index for 4/15/2020 is down $0.81 at $45.72. Cash hog prices are lower on the National Direct Morning Hog Report, down $0.46 with a weighted average of $32.28, ranging from $30.00 to $36.00 on 3,542 head sold and a five-day rolling average of $33.86. Pork cutouts totaled 275.71 loads with 253.05 loads of pork cuts and 22.67 loads of trim. Pork cutout values: up $4.80, $60.66.
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