The livestock contracts continue to head lower into Monday's noon hour -- seeming lackluster in nature and unattached to the support that was rallying later in the week last week. As the week progresses, the market's ambition should pick up if slaughter continues to grow. July corn is down 1 1/4 cents per bushel and July soybean meal is up $1.20. The Dow Jones Industrial Average is down 95.56 points and NASDAQ is up 56.23 points.
LIVE CATTLE
Live cattle prices are teetering $1.00 to $2.00 lower coming off of last week's excitement. Its seeming like the market and traders are using Monday as a day to rest and to see what the market has to offer this week. June live cattle are down $1.72 at $92.92, August live cattle are down $2.65 at $97.55 and October live cattle are down $2.60 at $101.70.
The retracting moves seen throughout the entire industry don't comes as too much of a surprise given that it's only Monday. Without a good understanding of how this week's slaughter pace will fare, and how aggressive packers will be, contracts are reluctant to slide higher and stick their necks out on the line for an undecided market. Last week's total confirmed negotiated cash cattle trade totaled 69,064 head; all for delivery in the next two weeks (one to 14 days).
Boxed beef prices are mixed: choice up $6.93 ($467.81) and select down $0.12 ($448.87) with a movement of 76 loads (37.39 loads of choice, 13.60 loads of select, 19.46 loads of trim and 5.45 loads of ground beef).
FEEDER CATTLE
Feeder cattle contracts are tumbling lower, ranging anywhere from $2.45 to $3.60 lower. The feeder cattle market shot higher Wednesday and Thursday but without knowing how the live cattle market is going to fair this week, feeder cattle contracts aren't interested in trading higher at the moment. Last week came not only with advancements on the board but also with significant runs throughout sale barns helping to move some calves and feeders throughout the countryside. May feeders are down $3.65 at $124.25, August feeders are down $3.05 at $133.95 and September feeders are down $2.95 at $135.20.
LEAN HOGS
Of the livestock contracts trading lower, the lean hog complex is managing to slip by with the smallest losses yet. June lean hogs are down $1.40 at $60.30, July lean hogs are down $1.07 at $60.65 and August lean hogs are down $1.20 at $59.22. With pork processing plants stepping to the line faster than cattle plants, hopefully the lean hog market will see an uptick in prices this week as the industry begins the infancy stages of working through the pent-up supply.
The projected lean hog index for 5/8/2020 is down $1.25 at $65.75 and the actual index for 5/7/2020 is up $0.78 at $67.00. Hog prices are lower on the National Direct Morning Hog Report, down $0.65 with a weighted average of $36.87, ranging from $36.00 to $37.86 on 6,577 head sold and a five-day rolling average of $36.83. Pork cutouts totaled 210.33 loads with 191.86 loads of pork cuts and 18.47 loads of trim. Pork cutout values: up $2.42, $118.92.
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