GENERAL COMMENTS:
The market was inconclusive on whether contracts should surge higher or submit to nearby pressure and trade fully lower. Nevertheless, contracts traded mostly sideways, some higher here and some lower there. Hog prices closed higher on the National Direct Afternoon Hog Report, up $0.45 with a weighted average of $36.46, on 8,421 head. July corn is up 2 1/2 cents per bushel and July soybean meal is up $0.20. The Dow Jones Industrial Average is up 532.31 points and NASDAQ is up 306.98 points.
LIVE CATTLE:
Live cattle contracts danced on both sides of steady throughout Wednesday's close. June live cattle closed $0.42 lower at $84.27, August live cattle closed $0.25 higher at $90.77 and October live cattle closed $0.17 lower at $95.62. Another round of light trade occurred Wednesday afternoon in the North with dressed deals at mostly $150, generally steady with Tuesday's decline, but roughly $4 lower than last week's weighted average. A few deals in the South with a wide range of $90 to $100.
Boxed beef prices jump higher again: choice up $26.56 ($357.38) and select up $19.03 ($339.91) with a movement of 105 loads (62.93 loads of choice, 13.84 loads of select, 5.93 loads of trim and 22.15 loads of ground beef). Wednesday's slaughter is estimated at 72,000 head, 13,000 head less than a week ago and 49,000 head less than a year ago.
THURSDAY'S CASH CATTLE CALL: Steady. The market is in a tough position. The announcement from President Trump about reopening plants is a saving grace to the industry. The problem though is that with the amount of cattle that have accumulated over the last three to four weeks from minimal kills, prices will continue to struggle until the market is current again.
FEEDER CATTLE:
Feeder cattle contracts closed mostly higher, though some deferred contracts traded slightly lower. May feeders closed $0.05 higher at $118.55, August feeders closed $0.52 higher at $128.45 and September feeders closed $0.32 higher at $129.67. The week has fared well thus far, trading mostly higher and being able to trade sale barn cattle for respectable prices as well. At the La Junta Livestock Auction in La Junta, Colorado, compared to last week, steer calves under 600 pounds sold steady to $2.00 higher, 600 to 700 pound steers sold $3.00 to $5.00 higher. Heifers under 700 pounds traded mostly steady. Yearling feeder steers over 700 pounds sold $3.00 to $5.00 higher. Yearling feeder heifers over 700 pounds were too lightly tested to draw accurate measures. The CME feeder cattle index 4/28/2020: up $0.14, $118.83.
LEAN HOGS:
The lean hog complex closed the day solidly lower; upwards of $3.00 lower in deferred contracts. June lean hogs closed $0.67 lower at $55.52, July lean hogs closed $1.77 lower at $58.47 and August lean hogs closed $2.62 lower at $61.10. Pork cutouts total 277.33 loads with 244.45 loads of pork cuts and 32.88 loads of trim. Pork cutout values: up $2.24, $90.73. Wednesday's slaughter is estimated at 271,000 head, 92,000 head less than a week ago and 200,000 head less than a year ago. The CME lean hog index 4/27/2020: up $0.74, $49.72.
THURSDAY'S CASH HOG CALL: Steady. Unfortunately, the market will probably continue to trade mostly higher and then slightly lower in a back and forth motion until plants really come back to capacity and start to ramp up production.
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