Welcoming Monday morning feels like welcoming the crazy train as boxed beef prices soar over $4.00 on choice cuts. The strong boost in prices is among a stronger futures complex for all three livestock markets. July corn is down 4 1/4 cents per bushel and July soybean meal is down $3.80. The Dow Jones Industrial Average is down 160.48 points and NASDAQ is up 42.78 points.
LIVE CATTLE
Live cattle prices jump on the band wagon and are ready to trail higher with the rest of the complex. June live cattle are up $0.50 at $87.70, August live cattle are up $0.35 at $92.90 and October live cattle are up $0.30 at $97.07. Seeing the market is trading steadily higher as technical support builds, traders are given some confidence as they look for opportunity. It's too early in the week for cash cattle trade to transpire, but prices will have an uphill battle regardless of what the board does with supply growing each and every week. Last week's negotiated sales only totaled 58,833 head last week; and all for one-to-14-day delivery. Showlists are higher in all major feeding states, especially in Texas.
Boxed beef prices are higher: choice up $27.25 ($404.70) and select up $13.98 ($371.11) with a movement of 42 loads (20.65 loads of choice, 7.78 loads of select, 11.38 loads of trim and 1.77 loads of ground beef).
FEEDER CATTLE
Feeder cattle contracts head steadily higher into Monday's noon hour. May feeders up $1.00 at $118.82, September feeders up $0.67 at $129.72 and October feeders up $0.62 at $130.52. Cooler weather in the North has helped some of feeding country as feedlots dread the summer heat and don't look forward to the hot days that summer brings.
LEAN HOGS
The lean hog complex has taken to Monday's storm pushing contracts higher although the cash market is a tough weaker. June lean hogs are up $1.10 at $63.80, July lean hogs are down $0.05 at $64.05 and the August lean hog contract is up $0.40 at $65.12. With the sharp energy that's building throughout the livestock sector are liable to trade higher into the afternoon and potentially into closing.
The projected two-day lean hog index for 5/1/2020 is up $2.52 at $59.79, and the actual index for 4/30/2020 is up $2.57 at $57.27. Hog prices are lower on the National Direct Morning Hog Report, down $0.87 with a weighted average of $36.90, ranging from $35.00 to $43.00 on 7,370 head sold and a five-day rolling average of $35.91. Pork cutouts total 132.86 loads with 128.09 loads of pork cuts and 4.77 loads of trim. Pork cutout values: down $1.04, $105.57.
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