Livestock contracts head into the noon hour better off than how the day started. The lean hog complex is mostly higher after starting the day lower except in a few deferred months, but cattle contracts head steadily higher in both contracts with no hesitation. May corn is down 3 1/2 cents per bushel and May soybean meal is down $1.90. The Dow Jones Industrial Average is up 549.94 points and NASDAQ is up 290.14 points.
LIVE CATTLE
Live cattle contracts like the idea of trading higher as does the rest of the livestock contracts and has wasted no time in doing so. April live cattle are up $2.92 at $93.92, June live cattle are up $3.47 at $84.80 and August live cattle are up $2.47 at $90.22. Thus far the countryside has stayed mostly quiet with just a few asking prices of $108 surfacing in parts of Texas. It wouldn't be unlikely to see this week's trade wait until the latter part of the week.
Boxed beef prices are higher: choice up $1.87 ($227.73) and select up $2.95 ($214.35) with a movement of 52 loads (34.28 loads of choice, 14.01 loads of select, zero loads of trim and 3.93 loads of ground beef).
FEEDER CATTLE
Feeder cattle prices bounce $3.00 to $4.00 higher Tuesday morning despite the countryside being filled with anxiousness. April feeders are up $3.52 at $118.55, May feeders are up $3.15 at $117.60 and August feeders are up $3.95 at $128.32. So far the country has been able to keep sale barns open and able to offer producers a place to market their livestock, but this morning there have been some announcements made about various barns canceling sales. Although it's painful to see the barns close their sales until there's some more clarity into the marketplace, it also makes sense as producers truly can't afford to just merely give their stock away.
LEAN HOGS
The lean hog market heads mostly higher into the noon hour despite having a questionable start Tuesday morning. June lean hogs are down $1.75 at $43.17, July lean hogs are down $0.62 at $50.40 and August lean hogs are up $0.65 at $55.27. Despite the uncertainty in the marketplace, the fact that Tuesday morning's cash trade was larger than Monday's disappointing turnout and that cutout values are higher helps motivate positive energy into the marketplace.
The projected two-day lean hog index for 4/13/2020 is down $0.53 at $47.49 and the actual for 4/10/220 is down $1.37 at $48.02. Hog prices are lower on the National Direct Afternoon Hog Report, down $1.28 with a weighted average of $36.27, ranging from $32.00 to $38.00 on 2,835 head sold a five-day rolling average of $38.70. Pork cutouts totaled 287.81 loads with 262.30 loads of pork cuts and 25.50 loads of trim. Pork cutout values: up $1.25, $54.12.
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