GENERAL COMMENTS
Thursday's market has been mostly uninterested as all three livestock contracts slip lower; but adversely, cash markets are stronger. The choppy side-ways trade of higher today, lower tomorrow points to the volatile nature our market is in. July corn is down 1 1/2 cents per bushel and July soybean meal is down $2.10. The Dow Jones Industrial Average is up 9.69 points and NASDAQ is down 61.58 points.
LIVE CATTLE
Live cattle contracts are feeling the pressure from eroding boxed beef prices and a lack of trader interest. June live cattle are up $0.22 at $92.10, August live cattle are down $1.25 at $97.17 and October live cattle are down $1.55 at $99.95. The week has been fairly active with cash cattle trade, but as the industry balances a weakening board, weakening boxed beef prices and a market that has been mostly higher thus far for cash cattle trade this week, packers step back Thursday morning and leave the country idle. So far this week Southern cattle have traded from $100 to $115 live, and cattle in the North have traded dressed from $158 to $185.
Boxed beef prices are lower: choice down $8.38 ($457.61) and select are down $4.51 ($432.73) with a movement of 46 loads (22.96 loads of choice, 6.68 loads of select, 9.02 loads of trim and 7.77 loads of ground beef).
FEEDER CATTLE
Feeder cattle contracts head lower as the market lacks adequate support to rally any of the livestock contracts. May feeders are down $1.05 at $124.25, August feeders are down $1.30 at $131.77 and September feeders are down $1.30 at $133.07. When packers are able to increase slaughter by a significant amount, feeders will probably get more active as they have room in their lots for new calves.
LEAN HOGS
The lean hog complex has been feeling pressured more often than not throughout the week to trade lower on the board. Thankfully packers continue to increase their kills, which has inched the cash market higher at various times throughout the week. June lean hogs are up $0.80 at $58.67, July lean hogs are down $0.57 at $58.55 and August lean hogs are down $0.67 at $57.57.
The projected lean hog index for 5/13/2020 is up $0.98 at $68.87 and the actual index for 5/12/2020 is up $2.08 at $67.89. Hog prices are higher on the National Direct Morning Hog Report, up $0.46 with a weighted average of $37.34, ranging from $36.00 to $37.86 on 4,956 head sold and a five-day rolling average of $37.33. Pork cutouts total 206.67 loads with 189.82 loads of pork cuts and 16.84 loads of trim. Pork cutout values: up $11.96, $129.17.
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