GENERAL COMMENTS:
Following Wednesday's descent, the live cattle complex is back to trading higher as traders are encouraged by the Southern Plain's steady cash cattle trade. With more HPAI news surfacing and the futures market electing to react negatively to the virus, cattlemen are more focused on the market's fundamentals given that the virus isn't posing significant illness to infected cattle and the CDC continues to say there is little risk to humans.
Traders are mildly supporting the contracts again this morning even though the market is back to trading below its 100-day moving average. June live cattle are up $0.65 at $175.90, August live cattle are up $0.87 at $174.25 and October live cattle are up $0.47 at $178.12. There were a few cattle that traded Wednesday afternoon in the South at $182 which is fully steady with the previous week's trade. Currently, bids of $182 to $183 live and $290 dressed are being offered in Nebraska, but no cattle have sold in that region yet. For the cattle left on showlists, asking prices in the South are firm at $184-plus and Northern feedlots are asking $295. Packer interest is expected to improve throughout the day.
Boxed beef prices are mixed: choice up $1.68 ($297.42) and select down $0.42 ($290.00) with a movement of 57 loads (35.93 loads of choice, 8.94 loads of select, zero loads of trim and 12 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex is back to trading higher as traders shake the news regarding the HPAI virus that was spread again on Wednesday and opt to refocus on the support that feeder cattle sales have been seeing in the countryside.
May feeders are up $0.50 at $244.60, August feeders are up $0.02 at $256.32 and September feeders are up $0.17 at $257.67. With turn-out season quickly approaching, continuing to watch these feeder cattle sales in the countryside will be insightful as everyone is curious about what the big summertime video sales are going to accomplish.
LEAN HOGS:
The lean hog complex is trading notably lower into Thursday's noon hour as traders seemed discouraged by the day's export report even though 28,800 metric tons were sold. Early this year export sales were at times twice that much, which is partly why traders have grown accustomed to seeing bigger sales. On the bright side, at least midday pork cutout values are higher.
June lean hogs are down $2.70 at $104.75, July lean hogs are down $2.30 at $107.55 and August lean hogs are down $1.67 at $105.47.
The projected lean hog index for April 24 is down $0.22 at $91.43 and the actual index for April 23 is up $0.19 at $91.64. Hog prices are lower on the Daily Direct Morning Hog Report, down $2.45 with a weighted average price of $88.85, ranging from $84.45 to $93 with a movement of 1,180 head and a five-day rolling average of $90.16. Pork cutouts total 144.40 loads with 120.13 loads of pork cuts and 24.26 loads of trim. Pork cutout values: up $0.35, $97.62.
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