GENERAL COMMENTS:
The livestock complex is higher Tuesday as the market has attracted traders interest. With both pork cutout values and boxed beef prices higher, the market has found ample support. Still no cash cattle trade has developed and it's likely any trade is delayed until the second half of the week. May corn is down 1 1/4 cents per bushel and May soybean meal is down $0.70. The Dow Jones Industrial Average is up 175.13 points.
LIVE CATTLE:
With choice cuts sharply higher, the live cattle complex is trading higher with no struggles thus far through Tuesday's trade. April live cattle are up $1.25 at $188.85, June live cattle are up $1.52 higher at $184.55 and August live cattle are up $1.50 at $183.55. With spring weather popping up it's not surprising choice cuts are performing better as consumers are getting anxious to fire up their grills. Still no cash cattle trade has developed and it's likely the week's trade is delayed until the second half of the week.
Boxed beef prices are higher: choice up $3.63 ($312.51) and select up $0.90 ($299.78) with a movement of 47 loads (24.86 loads of choice, 9.81 loads of select, 4.75 loads of trim and 7.41 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex is trading higher as the market finds comfort in the fact that the live cattle complex is higher. It's somewhat surprising feeders are trading as well as they are given that the corn complex is also trading higher. But, thankfully, the market not only has the live cattle market's higher trade to lean on, but also the strength in the market's fundamentals as both feeder cattle and calves continue to trade higher. March feeders are up $0.85 at $249.10, April feeders are up $0.92 at $254.02 and May feeders are up $1.42 at $256.80.
LEAN HOGS:
The lean hog complex is trading mixed as the market's nearby contracts are finding support while the market's deferred contracts are trading slightly lower. It's helping that pork cutout values are finding support and trading higher, and so long as demand shines through this afternoon, the market could very easily continue to trade higher. Hopefully Thursday's export report is strong again, too. April lean hogs are up $1.22 at $84.57, June lean hogs are up $0.27 at $101.32 and July lean hogs are down $0.02 at $103.05.
The projected CME Lean Hog Index is delayed from the source. Hog prices are unavailable on the Daily Direct Morning Hog Report due to confidentiality. We can however see that 859 head have traded and the Pork cutouts total 146.85 loads with 132.99 loads of pork cuts and 13.85 loads of trim. Pork cutout values: up $1.06, $94.57.
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