LIVE CATTLE:
Sharp gains
in the cattle complex put the bearishness of the steep sell-off to rest.
New contract highs have been established on the move today in June and
later contracts. Front-month April has not been as fortunate as it needs
to remain close to cash. Optimism has returned with some of that
optimism the result of spill-over from the lean hog complex. Cash cattle
business is going down to the wire, but still expected to be no better
than last week and likely $1.00 lower. Boxed beef cut-outs at midday are
mixed with choice down $0.40 and a cut-out value of $227.84 with select
down $0.03 and a value of $219.25. Movement is light with 62 loads
reported (35 loads of choice cuts. 9 loads of select cuts, 7 loads of
trimmings, and 11 loads of ground beef. Cattle slaughter projected to be
111,000 head.
FEEDER CATTLE:
Feeders are the recipients of strong live cattle
futures. Futures pushed to the highest levels since November 5, 2018,
but have not been able to remain there. However, triple-digit gains
remain with the potential to reach back near those highs. April futures
post the greatest gain with an increase of $2.32. With live cattle
posting new contract highs further support should remain in this market.
LEAN HOGS:
A report release yesterday confirming a large
purchase of pork by China has the market in a frenzy. Rumer have finally
become a fact with the anticipation of more purchases to come. This
send futures limit up where they remain much of the day so far. Some
contracts have come off of limit as some profit taking is being done for
the weekend. Cash prices are $1.09 higher on the National Daily Direct
morning report. The weighted average price in $51.53 with a range of
$46.00 to $54.00 on 7,244 head reported sold. The National Pork Plant
report showed 179 loads selling with 165 loads of cuts and 14 loads of
trim/process. Carcass values gained $0.72 per cwt at $68.57. Hogs
slaughter expected to total 453,000 head. The lean hog index for 3/13 is
$54.13, up $1.00 with the projected two-day index at $55.40, up $1.27.
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