General Comments
The market its idly trading modestly lower into Tuesday's noon hour. The market seems ghostly quiet as time passes and little action is taken thus far throughout the day. July corn is up 2 1/2 cents per bushel and July soybean meal is down $0.00. The Dow Jones Industrial Average is down 106.78 points and NASDAQ is up 43.90 points.
LIVE CATTLE
Live cattle contracts are cautiously trading lower not seeming; like the rest of the livestock industry, what exactly Tuesday should entail. June live cattle are down $0.10 at $98.62, August live cattle are down $0.10 at $98.75 and October live cattle are down $0.32 at $100.70. There have been some cattle bids on in Nebraska for $180 dressed, which is well under this week's asking price. Seeing that everything remains mostly quiet and lackluster in fashion, it wouldn't be surprising to see the industry wait and trade cattle until after the FCE or even later in the week. Northern asking prices are live at $120, and $200-plus for dressed cattle.
Boxed beef prices are lower: choice down $5.43 ($409.52) and select down $5.24 ($389.63) with a movement of 61 loads (22.14 loads of choice, 9.62 loads of select, 21.59 loads of trim and 8.09 loads of ground beef).
FEEDER CATTLE
Feeder cattle contracts are on board with the rest of the market to kick-back, relax and left Tuesday drift on by. May feeders are up $0.85 at $127.45, August feeders are down $0.55 at $132.00 and September feeders are down $0.40 at $133.35. Seeing that the day is just being passive in nature, sale-barns hosting sales throughout Tuesday shouldn't be affected seeing that its not a negative movement but rather a lackadaisical day.
LEAN HOGS
The lean hog sector trades modestly lower through Tuesday keeping the market headed in the downward trend. June lean hogs are down $0.10 at $57.55, July lean hogs are down $0.50 at $57.15 and August lean hogs are down $0.37 at $56.40. The market somewhat has its hands tied as it's a positive thing to get the back log of supply worked through, but it also is going to have a negative influence on prices until the market is thoroughly current.
The projected lean hog index for 5/18/2020 is down $0.56 at $67.04 and the actual index for 5/15/2020 is down $1.10 at $67.60. Hog prices are lower on the National Direct Morning Hog Report, down $0.31 with a weighted average of $36.71, ranging from $31.25 to $38.00 on 4,534 head sold. Pork cutouts total 256.05 loads with 239.61 loads of pork cuts and 16.43 loads of trim. Pork cutout values: down $1.03, $106.43.
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