Heading into the noon hour the lean hog market has regained some strength lost midmorning and heads mostly higher along with cattle contracts. Continuing to the push the positivity forward and in a robust fashion -- both cash markets are higher as well. July corn is up 1/2 cent per bushel and July soybean meal is up $0.70. The Dow Jones Industrial Average is up 14.82 points and NASDAQ is up 19.42 points.
LIVE CATTLE
The live cattle contracts are stepping to the plate and willing to trade higher as Tuesday is allowing. Nearby contracts are taking most of the momentum while the deferred contracts are a little more conservative in their rally. June live cattle are up $4.30 at $96.97, August live cattle are up $2.77 at $99.97 and October live cattle are up $1.45 at $102.72. Bids and asking prices have yet to really transpire throughout the countryside but there has been some action in Iowa early Tuesday morning. A handful of dressed cattle in Iowa traded for $185 ($2.00 higher) and live cattle traded for $117 ($2.00 higher). The higher cash cattle trade is encouraging as the market prepares for Wednesday's Fed Cattle Exchange where there is 4,601 cattle consigned.
Boxed beef prices are higher: choice up $7.10 ($475.68) and select up $0.66 ($453.63) with a movement of 81 loads (42.20 loads of choice, 19.37 loads of select, zero loads of trim and 19.81 loads of ground beef).
FEEDER CATTLE
Feeder cattle contracts kick Tuesday into high gear as the entire complex trades at least $2.00 stronger. May feeders are up $2.80 at $126.45, August feeders are up $2.62 at $135.30 and September feeders are up $2.60 at $136.65. The market hasn't been able to regain all of what Monday let slip away, but with cash trade developing higher in the cash cattle market and live cattle contracts trading higher as well, the market is seeming to build the support needed to trade higher throughout the middle and potentially into the later part of the week.
LEAN HOGS
The lean hog complex teetered back and forth Tuesday morning trying to decide if the market should trade mildly lower or build on the energy developing with a stronger cash market and trade higher. The market has since rallied throughout the entire sector and is trading higher into the afternoon. June lean hogs are up $0.82 at $61.10, July lean hogs are up $0.72 at $61.20 and August lean hogs are up $0.42 at $59.67.
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 $0.82 at $67.00. Hog prices are higher on the National Direct Morning Hog Report, up $0.71 with a weighted average of $37.56, ranging from $36.00 to $37.86 on 3,595 head sold and a five-day rolling average of $36.95. Pork cutouts total 226.08 loads with 210.27 loads of pork cuts and 15.80 loads of trim. Pork cutout values: up $0.41, $122.07.
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