GENERAL COMMENTS:
If it wasn't a Monday, I don't know what it was. Livestock contracts dived lower in all three markets and cash hog sales were slim and sharply lower as packing plant concerns grow. Hog prices closed lower on the National Direct Afternoon Hog Report, down $1.78 with a weighted average of $37.80. May corn is down 1/4 cent per bushel and May soybean meal is down $3.90. The Dow Jones Industrial Average is down 328.60 points and NASDAQ is up 38.84 points.
LIVE CATTLE:
Live cattle contracts had no luck keeping contracts elevated and trading higher, and the consensus throughout the marketplace was lower. In addition, pressure from the countryside grows as concerns for packing plants continue. April live cattle closed $3.00 lower at $91.00, June live cattle closed $3.00 lower at $81.37 and August live cattle contracts close $3.00 lower at $87.75. Monday's cash cattle market was quiet as both packers and feeders try to figure out where things are headed and how to handle trade in the meantime. Bids and asking prices have yet to be established. New showlists appear to be mixed, higher in Nebraska/Colorado, somewhat larger in Kansas, but lower in Texas.
Boxed beef prices are higher: choice up $1.93 ($225.86) and select up $3.07 ($211.40) with a movement of 113 loads (80.99 loads of choice, 16.84 loads of select, 7.39 loads of trim and 7.81 loads of ground beef). Monday's slaughter is estimated at 92,000 head, 18,000 head less than a week ago and 30,000 head less than a year ago.
TUESDAY'S CASH CATTLE CALL: Lower. Until there's some end product certainty with the packing plants, the market is held at a mere standstill.
FEEDER CATTLE:
The feeder cattle market sunk to the day's limits and watched time tick away. April feeders closed $4.50 lower at $115.02, May feeders closed $4.50 lower at $114.45 and August feeders closed $4.50 lower at $124.37.
Even with the board closing fully lower, at Joplin Regional Stockyards in Carthage, Missouri, compared to last week steer and heifer calves traded steady to $3.00 higher and yearlings were mostly steady. It was positive to see feeders selling with some optimism despite the market closing weaker before the holiday weekend and into the new week weaker again. The CME feeder cattle index 4/10/2020: not available at this time.
LEAN HOGS:
The cattle contracts closed fully lower throughout the complex, but the lean hog contract thankfully only closed limit lower in a few nearby contracts. June lean hogs closed $3.75 lower at $44.92, July lean hogs closed $3.72 lower at $51.02 and August lean hogs closed $2.42 lower at $54.57. Pork cutouts totaled 486.86 loads with 440.51 loads of pork cuts and 46.35 loads of trim. Pork cutout values: up $0.02, $52.87. Monday's slaughter is estimated at 308,000 head, 169,000 head less than a week ago and 126,000 head less than a year ago. The CME lean hog index 4/9/2020: down $1.71, $49.40.
TUESDAY'S CASH HOG CALL: $1.00 to $2.00 lower. Until there's some clarity with the packing plant situation, the markets are in a tough situation with consumers willing to buy product, feeders able to sell, packers wanting to harvest but unable to do so with the COVID-19 ramifications.
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