The livestock contracts continue to trade stronger heading into the noon hour fully higher again on Tuesday. The cash hog market traded slightly lower and cash cattle have yet to trade. July corn is down 1 1/4 cents per bushel and July soybean meal is down $3.20. The Dow Jones Industrial Average is down 44.42 points and NASDAQ is down 106.86 points. The livestock contracts continue to trade stronger heading into the noon hour fully higher again on Tuesday. The cash hog market traded slightly lower and cash cattle have yet to trade.
LIVE CATTLE
Live cattle contracts have developed some resistance in the August through December contracts but other than that are trading mostly higher. June live cattle are up $0.10 at $84.20, August live cattle are down $0.10 at $90.30 and October live cattle are down $0.27 at $95.50. As the April contract is due to expire later this week, the interest has rolled over to the spot June contract. Cash cattle interest is still limited and packers don't seem overly worried about getting cattle inquired about. Packers bought a slim number of cattle again last week; 55,575 head for one-to-14-day delivery, and 2,432 head for 15-to-30-day delivery. Asking prices are around $100-plus in the South, and $160-plus in the North.
Boxed beef prices are higher: choice up $15.04 ($326.88) and select up $16.79 ($315.57) with a movement of 58 loads (32.90 loads of choice, 8.46 loads of select, 7.33 loads of trim and 9.55 loads of ground beef).
FEEDER CATTLE
Feeder cattle contracts are trading higher into Tuesday's market with little pressure limiting the day. May feeders are up $0.55 at $118.70, August feeders are up $1.10 at $128.37 and September feeders are up $1.07 at $129.55. Sale barns are still selling grass cattle as interest remains strong and good runs of calves are plentiful.
LEAN HOGS
The lean hog contracts are taking the day's limelight again, pushing contracts to expanded limits in some nearby contracts. June lean hogs are up $5.50 at $60.77, July lean hogs are up $5.02 at $63.45 and August lean hogs are up $4.57 at $66.65. The June contract is showing how powerful the slow, gradual progression and how small confident movements can be. But still the industry needs packing plants to come back to production to really help.
The projected lean hog index for 4/27/2020 is up $0.74 at $49.72, and the actual index for 4/24/2020 is up $1.26 at $48.98. Hog prices are lower on the National Direct Morning Hog Report, down $0.30 with a weighted average $34.66, ranging from $32.00 to $37.00 on 4,465 head sold and a five-day rolling average of $34.19. Pork cutouts total 214.29 loads with 198.89 loads of pork cuts and 15.39 loads of trim. Pork cutout values: up $3.64, $87.35.
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