Livestock contracts continue to trend upward with the lean hog sector taking the day's light and rallying upwards of $3.00. Substantial support seems to be building throughout the entire livestock complex as all contracts have traded with little to no pressure and head into the afternoon confidently. July corn is down 8 3/4 cents per bushel and July soybean meal is up $0.60. The Dow Jones Industrial Average is up 275.97 points and NASDAQ is up 98.86 points.
LIVE CATTLE
Live cattle contracts have been able to tap into the support and optimism circulating throughout the complex and head steadily higher at midday. June live cattle are up $0.82. at $83.45, August live cattle are up $1.07 at $89.97 and October live cattle are up $1.07 at $95.55. Showlists continue to grow as the volume of cattle traded each week is extremely thin. Asking prices have yet to surface as the industry looks to see what the week will bring and what's all available. The biggest help of all would be if packing plants came back on board and ran two shifts per day, for six days a week. Working through the built-up supply developing in the industry is going to be a major hurdle.
Boxed beef prices are higher: choice up $14.38 ($307.75) and select up $15.23 ($294.25) with a movement of 51 loads (29.22 loads of choice, 6.52 loads of select, 8.32 loads of trim and 6.89 loads of ground beef). The rally that boxed beef prices have had through the turmoil of COVID-19 is truly unbelievable. Just last week alone both choice and select cuts individually jumped over $50.
FEEDER CATTLE
Feeder cattle prices head into the noon hour fully higher. For cattlemen that are looking to market calves this late spring/early summer a higher futures market would help encourage buyers to stay aggressive in their buying as buyers are needing cattle for grass but have been anxious as the market is chaotic. May feeders are up $1.22 at $118.67, August feeders are up $1.30 at $127.70 and September feeders are up $1.07 at $128.87.
LEAN HOGS
It's been a phenomenal day for the lean hog complex as the board continues to push most of the contracts higher and the cash market even traded higher -- wahoo! June lean hogs are up $3.75 at $55.27, July lean hogs are up $3.75 at $58.42 and August lean hogs are up $3.25 at $61.57. The key question: as always, is will this rally continue into the week or will it regress as the week progress. Given the current depressed nature of the marketplace, one would hope prices are making a turn for higher ground.
The projected lean hog index for 4/23/2020 is up $1.44 at $47.72, and the actual index for 4/22/2020 is up $0.92 at $46.28. Hog prices are higher on the National Direct Morning Hog Report, up $0.33 with a weighted average of $34.45, ranging from $31.00 to $36.00 on 4,779 head sold and a five-day rolling average of $33.46. Pork cutouts total 154.08 loads with 138.02 loads of pork cuts and 16.06 loads of trim. Pork cutouts values: up $3.75, $81.23.
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