GENERAL COMMENTS:
Lean hog contracts closed lower Thursday while cattle contracts moved higher. The combination of packing plant issues and the surplus of hogs is eating at the lean hog market. Hog prices are lower on the National Direct Afternoon Hog Report, down $1.16 with a weighted average of $32.87 on 7,086 head sold. May corn is up 1/2 cent per bushel and May soybean meal is down $0.40. The Dow Jones Industrial Average is up 33.33 points and NASDAQ is up 139.18 points.
LIVE CATTLE:
The attention is on you, Friday! The board closed successfully higher Thursday afternoon, pushing prices a modest $0.42 to $1.65 higher. April live cattle closed $0.77 higher at $95.50, June live cattle closed $1.65 higher at $86.47 and August live cattle closed $1.12 higher at $90.65. The June contract has had a good week so far, closing steady Monday and then higher Tuesday, Wednesday and Thursday. Cash cattle trade has still yet to develop, putting all of the week's pressure on Friday.
Boxed beef prices closed higher: choice up $5.34 ($235.87) and select up $3.76 ($225.98) with a movement of 137 loads (91.27 loads of choice, 19.44 loads of select, 3.38 loads of trim and 22.83 loads of ground beef). Thursday's slaughter is estimated at 92,000 head, 7,000 head less than last week and 30,000 head less than a year ago.
FRIDAY'S CASH CATTLE CALL: Steady. With the board closing higher and cattle yet to really trade this week, business will be essential Friday. Knowing that packers bought very few cattle last week, they will likelu have to participate more this week.
FEEDER CATTLE:
Feeder cattle contracts rallied higher through closing and successfully closed $1.42 to $2.90 higher. April feeders closed $2.45 higher at $118.25, May feeders closed $2.90 higher at $118.47 and August feeders closed $1.90 higher at $128.62. Demand was good in the countryside Thursday afternoon if sale barns had enough cattle to attract buyers and if the runs were able to be put together to fit load lots. At Mitchell Livestock Auction in Mitchell, South Dakota, compared to last week on a light test of lighter weight cattle, higher undertones were noted on steers up to 850 pounds. Steers over 850 pounds were $8.00 to $9.00 higher. On a light test of feed heifers up to 750 pounds prices were called steady. Feeder heifers 750 pounds and up were $1.00 to $6.00 higher. Demand was excellent and the day's offering had a lot of load lots available. The CME feeder cattle index 4/15/2020: up $0.33, $114.56.
LEAN HOGS:
The lean hog complex continued to weaken after the noon hour and closed fully lower. June lean hogs closed $1.45 lower at $43.17, July lean hogs closed $0.65 lower at $51.07 and August lean hogs closed $0.62 lower at $55.42. Pork cutouts totaled 387.11 loads with 343.25 loads of pork cuts and 43.86 loads of trim. Pork cutout values: up $3.76, $55.86. Thursday's slaughter is estimated at 444,000 head, 28,000 head less than last week and 36,000 head less than a year ago. The CME lean hog index 4/14/2020: down $0.96, $46.53.
FRIDAY'S CASH HOG CALL: Lower. Seeing that there are plenty of lean hogs in the countryside to go around, prices will continue to steadily lease lower until the confusion of COVID-19 and how it's going to fully effect the marketplace is gone.
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