GENERAL COMMENTS:
It's a mixed day for the livestock complex as both the feeder cattle and lean hog markets are leery of trading higher after Monday's aggressive venture, but the live cattle complex is keeping with Monday's vigorous pace. Asking prices in the South are noted at $165 to $166 but are still unestablished in the North. May corn is down 3/4 cent per bushel and May soybean meal is up $9.60. The Dow Jones Industrial Average is up 64.46 points.
LIVE CATTLE:
The live cattle market is the only market keeping with Monday's momentum out of the livestock complex. It's helping matters that boxed beef prices are finding some footing in this week's market and could potentially lead to stronger cash cattle trade. The nearby contracts have teetered between trading higher and trending lower, but the deferred contracts are consistently trading higher with no pressure seeming to bother their contracts. April live cattle are steady at $164.90, June live cattle are down $0.12 at $158.75 and August live cattle are steady at $158.60. It's too early in the week for any cash cattle trade to have developed, and with boxed beef prices trending higher, prices could easily trend $1.00 to $2.00 higher this week. Asking prices in the South are noted at $165 to $166 and are still unestablished in the North.
Boxed beef prices are higher: choice up $0.52 ($280.88) and select up $0.94 ($270.66) with a movement of 57 loads (28.57 loads of choice, 11.94 loads of select, 7.86 loads of trim and 8.18 loads of ground beef).
FEEDER CATTLE:
After rallying throughout Monday's market, the feeder cattle contracts are back to trading lower as traders look around and appraise the market for continued support. It is encouraging that the deferred live cattle contracts are trading higher, but the immediate live cattle contracts are under some pressure. The corn complex is only trading sideways, which doesn't add too much more pressure to feeders. April feeders are down $0.40 at $197.22, May feeders are down $0.55 at $200.82 and August feeders are down $0.12 at $216.82.
LEAN HOGS:
After an ambitious Monday, the lean hog complex is trading lower, seeming to need additional support in order to keep its momentum. April lean hogs are down $1.10 at $77.52, June lean hogs are down $1.45 at $91.62 and July lean hogs are down $1.45 at $93.70. Pork demand has seen better interest over the last couple of days, which could lend traders the additional support they're desiring if Tuesday's afternoon pork cutout values are able to close higher.
The projected lean hog index for March 27 is down $0.32 at $76.25, and the actual index for March 24 is down $0.42 at $76.57. Hog prices are lower on the Daily Direct Morning Hog Report, down $0.58 with a weighted average of $75.45. Pork cutouts total 197.62 with 171.10 loads of pork cuts and 26.52 loads of trim. Pork cutout values: down $0.12, $81.10.
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