Heading into the noon hour cattle contracts are
trying to develop some support and look to catch up with the lean hog
contracts progression but have encountered some mild resistance along
the way. July corn is down 4 1/2 cents per bushel and July soybean meal
is down $0.20. The Dow Jones Industrial Average is down 20.84 points and
NASDAQ is up 27.19 points.
LIVE CATTLE
Live cattle contracts have traded on both sides
of steady Friday morning but eager to close the week out higher,
nonetheless. June live cattle are down $0.12 at $82.80, August live
cattle are up $0.60 at $89.05 and October live cattle are up $0.92 at
$94.47. As far as cash cattle trade goes, it looks as if the heart of
this week's trade could be essentially done except for a little bit of
clean up here and there. There has been some light trade in Texas for
$95, $10 lower than last week's weighted average. On Thursday Northern
cattle sold for $148 to $160 and live for $95 to $100. There was also
some light trade reported in the South for $100.
Friday afternoon's release of the Cattle on Feed
Report is drawing a lot of attention as the placement figure is
estimated around 80.7%, ranging a vast 54.6% to 86.1%. The report is
released at 2:00pm (CST).
Boxed beef prices are higher: choice up $5.32
($289.61) and select up $4.29 ($277.18) with a movement of 35 loads
(14.29 loads of choice, 3.56 loads of select, 7.65 loads of trim and
9.31 loads of ground beef).
FEEDER CATTLE
The bulk of feeder cattle contracts are trying
to trade higher and thus far have managed to rally $0.05 to $0.50. The
morning has pressured the complex's vigor as contract have been pushed
lower a couple of times. May feeders are up $0.12 at $117.40, August
feeders are up $0.22 at $126.60 and September feeders are up $0.47 at
$127.97.
LEAN HOGS
July and July lean hog contracts may be scaling
slightly lower but for the most part the lean hog complex is carrying
on, trading modestly higher. June lean hogs are down $0.12 at $51.55,
July lean hogs are down $0.10 at $54.27 and August lean hogs are up
$0.65 at $58.52. The cash market wasn't able to rally Friday morning but
given the current packing plant situation, that's to be expected.
The projected lean hog index for 4/22/2020 is up
$0.92 at $46.28, and the actual index for 4/21/2020 is up $0.59 at
$45.36. Hog prices are lower on the National Direct Afternoon Hog
Report, down $1.00 with a weighted average of $33.73, ranging from
$31.00 to $35.00 on 4,416 head sold and five-day rolling average of
$32.76. Pork cutouts total 200.90 loads with 175.42 loads of pork cuts
and 25.47 loads of trim. Pork cutouts values: down $3.81, $72.56.
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