Firm gains have developed through the cattle
market with traders focusing on increased buyer support in feeder cattle
trade. This may not help to solidify any significant buying through the
end of the week, but traders may focus on increased trade activity at
the end of the month. Corn prices are higher in light trade. May corn
futures are 2 cents higher. Stock markets are higher in light trade. The
Dow Jones is 7 points higher while Nasdaq is up 8 points.
LIVE CATTLE:
Live cattle futures are mixed to mostly higher
with traders focusing on the nearby support to help draw additional
traders to the complex. This may bring increased overall support back to
the market through the end of the session. Cash bids are becoming more
evident through the morning, but packers are unwilling to add to bids at
this point, delaying activity until later in the afternoon. Bids are
seen at $121 live basis in the South and $192 dressed basis. Asking
prices are now seen at $123 and higher live basis, and $200 to $203 per
cwt dressed. Boxed Beef cut-outs at midday are higher, $0.10 higher
(select) and up $1.14 per cwt (choice) with light movement of 58 total
loads reported (19 loads of choice cuts, 14 loads of select cuts, 8
loads of trimmings, 15 loads of ground beef).
FEEDER CATTLE:
Feeder cattle futures are leading the market
higher with increased overall support developing across the market.
There is increased trade volume moving into the complex which is pushing
May futures to $1 per cwt gains. Although gains in other nearby
contracts have remained sluggish, there is growing focus on the ability
to draw traders back to the market over the near future.
LEAN HOGS:
Early stability in lean hog futures quickly
eroded through the end of the morning with additional pressure seen in
cash markets, and the unwillingness of buyers to step back into the
complex has added even more weakness to the complex. There is growing
movement that trades may continue to back away from the complex through
the end of April. Cash prices are lower on the National Direct morning
cash hog report. The weighted average price is down $0.20 at $58.13 per
cwt with the range from $52.00 to $58.37 on 3,290 head reported sold.
Cash prices are lower on the Iowa/Minnesota Direct morning cash hog
report. The weighted average price is down $3.92 at $54.54 per cwt with
the range from $52.00 to $56.50 on 66 head reported sold. The National
Pork Plant Report posted 111 loads selling with carcass values adding
$1.03 per cwt. Lean hog index for 4/24 is at $60.44 up 1.44 with a
projected two-day index of $61.23, up 0.79.
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