Heading into Tuesday's noon hour, the livestock contracts are trading moderately lower, with the lean hog complex slipping the most. Cash markets haven't been tested with the downward pressure on the board. Afternoon hog prices could be lower, and cash cattle trade most likely won't truly surface until later in the week. 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 384.15 points and NASDAQ is up 169.52 points.
LIVE CATTLE
Live cattle contracts are following suit and trading moderately lower into Tuesday's noon hour. The complex hasn't been overly eventful on the cash side or the futures markets thus far in the week. June live cattle are down $1.17 at $86.90, August live cattle are down $0.80 at $92.27 and October live cattle are down $0.85 at $96.32. A light trade has started in parts of Nebraska with dressed deals at $150, almost $1.00 lower than last week's weighted average. Bids and asking prices in other areas are not yet established. Consigned to Wednesday's Fed Cattle Exchange is another large listing of fed cattle; roughly 5,119 head of fats with most posting delivery for one to 17 days. As readily available fed cattle supplies continue to grow throughout the countryside, feeders are becoming more and more anxious to sell their cattle as some have gone as long as a month without a single bid.
Boxed beef prices are higher: choice up $12.52 ($422.57) and select up $29.16 ($405.82) with a movement of 76 loads (44.52 loads of choice cuts, 10.61 loads of select cuts, 8.93 loads of trim and 12.06 loads of ground beef).
FEEDER CATTLE
Feeder cattle contracts are trading lower into the noon hour, but thankfully in a modest, downward progression. May feeders are down $0.47 at $118.60, August feeders are down $1.55 at $127.42 and September feeders are down $1.17 at $128.62. As the day rolls on, sales barns will most likely continue with their recent speeds as the day's losses thus far aren't too daunting to scare away buyers.
LEAN HOGS
Lean hog contracts haven't been as excited as the contracts were Monday. Both contracts nearby and deferred have slipped lower with nearby contracts giving up as much as a dollar to 2 dollars in some cases. June lean hogs are down $0.57 at $64.92, July lean hogs are down $1.87 at $63.55 and August lean hogs are down $2.55 at $63.30. Given the recent rally the market has seen, it could be that the market is taking the day as a resting point.
The projected lean hog index for 5/4/2020 is up $0.56 at $60.35 and the actual index for 5/1/2020 is up $2.52 at $59.79. Hog prices aren't available on the National Direct Morning Hog Report due to confidentiality. Pork cutouts total 200.48 loads with 188.10 loads of pork cuts and 12.38 loads of trim. Pork cutout values: up $6.63, $114.44.
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