GENERAL COMMENTS:
The livestock complex is trekking through another timid, lousy day as all three of the livestock contracts are trading lower. Cash bids are currently offered in the South, but cattle are unlikely to trade any time soon as bids and asking prices are far apart. May corn is down 3/4 cent per bushel and May soybean meal is steady. The Dow Jones Industrial Average is up 221.27 points.
LIVE CATTLE:
Much like the feeder cattle complex, the live cattle market is trading lower as traders seem to refuse the idea of breaking out of the current sideways trading range. April live cattle are down $0.92 at $187.07, June live cattle are down $0.45 at $183.07 and August live cattle are down $0.52 at $182.25. Some trader hesitancy could be stemming from boxed beef prices seeing some slight pushback and given from no trading in the cash cattle market yet. Asking prices are noted in the South at $186 to $187, and bids are currently being offered in the South at $182. Packers and feedlots have a lot of negotiating to do before cattle will trade this week. Asking prices remain elusive in the North.
Boxed beef prices are mixed: choice down $0.02 ($304.77) and select up $0.76 ($295.63) with a movement of 65 loads (36.11 loads of choice, 7.46 loads of select, 6.91 loads of trim and 14.55 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex is trading lower as the market can't seem to attract the technical support it needs to move past its current sideways trading range. March feeders are down $1.87 at $250.42, April feeders are down $1.70 at $255.47 and May feeders are down $1.12 at $257.57. Demand hasn't wavered in the countryside; the market's weakness solely stems from a lack of trader interest/support.
LEAN HOGS:
The lean hog market's technical and fundamental aspects are opposing each other as cash prices and pork cutout values are higher, but futures contracts continue to trade lower. April lean hogs are down $1.20 at $83.97, June lean hogs are down $1.27 at $100.32 and July lean hogs are down $1.07 at $102.10. If support remains strong fundamentally through the day's end, then Thursday's market may see more support if exports are somewhat favorable.
The projected CME Lean Hog Index for 3/5/2024 is up $0.44 at $81.31, and the actual index for 3/4/2024 is up $0.46 at $80.87. Hog prices are higher on the Daily Direct Morning Hog Report, up $3.48 with a weighted average price of $76.36, ranging from $73.00 to $78.00 on 6,393 head and a five-day rolling average of $75.05. Pork cutouts total 167.34 loads with 150.77 loads of pork cuts and 16.57 loads of trim. Pork cutout values: up $0.29, $91.72.
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