Upon the noon hour livestock contracts have kept
with either earlier pace of slowly trading lower. It's becoming
apparent that as the week wraps up, traders aren't interested in jumping
into the marketplace until there is some more vision and clarity. May
corn is down 4 1/4 cents per bushel and May soybean meal is down $1.10.
The Dow Jones Industrial Average is down 737.37 points and NASDAQ is
down 241.84 points.
LIVE CATTLE
Live cattle prices bear lower into the noon hour
as the week is seeming to want to wrap up all aspects of business.
April live cattle are down $4.15 at $101.30, June live cattle are down
$3.95 at $89.60 and August live cattle are down $3.55 at $90.92.
Disappointingly the week has ended up trading lower after Wednesday
despite the beginning of the week having significant support. Packer
inquiry is sparse heading into the midday and at this point it's safe to
say cash cattle business is essentially done as well.
Boxed beef prices are lower: choice down $1.46
($252.11) and select is down $0.56 ($241.61) with a movement of 99 loads
(56.50 loads of choice, 8.22 loads of select, 15.37 loads of trim and
19.37 loads of ground beef).
FEEDER CATTLE
Feeder cattle contracts dip to limit losses in a
slew of nearby contracts and deferred contracts are only roughly 20
cents behind. As the week nears its end traders are checked out for the
week and aren't looking to invest while the market is still engulfed in
uncertainty. April feeders are down $4.50 at $120.60, May feeders are
down $4.50 at $120.92 and August feeders are down $4.50 at $127.10. On
the bright side, the country has been blessed with phenomenal weather
which is making springtime sales easier than many had planned for, and
cattle are converting like crazy with sunny days and cooler nights.
LEAN HOGS
Lean hog contracts follow suit and head
substantially lower. Nearby contracts are suffering more than deferred
contracts but the entire complex is trading steadily $2.00 to $4.50
lower. April lean hogs are down $3.80 at $59.10, June lean hogs are down
$4.50 at $64.25 and July lean hogs are down $4.00 at $66.62.
The projected lean hog index for 3/26/2020 is up
$0.26 at $66.46, and the actual index for 3/25/2020 is up $1.05 at
$66.17. Morning hog prices are delayed due to packer submission
problems. Pork cutouts total 170.60 loads with 149.03 loads of pork cuts
and 21.57 loads of trim. Pork cutout values: down $2.85, $74.76.
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