It's encouraging to see the marketplace trading steadily higher (cattle contracts are mostly limit higher) as Monday opens the week to new developments. Discernment within the market is crucial and slow, steady trade builds credibility within the movements. May corn is down 2 cents per bushel and May soybean meal is up $5.00. The Dow Jones Industrial Average is down 569.21 points and NASDAQ is down 101.86 points.
LIVE CATTLE
Live cattle contracts shot up limit higher as morning trade broke loose and since the day's initial open, contracts have been pretty comfortable limit higher. April live cattle are up $3.00 at $101.65, June live cattle are up $3.00 at $92.52 and August live cattle are up $3.00 at $93.75.
It will be interesting to see how cattle trade this week with Tyson Foods announcing late Friday afternoon that they would be adding $5/cwt to live cattle and $7.94/cwt to dressed and grid cattle (on top of whatever they were initially bought at) for all cattle that are to be killed this week. New showlists appear to be higher in Kansas and Texas, but lower in Nebraska/Colorado. There are a few bids on the table heading into the noon hour with packers offering $185 in Nebraska and Iowa. Early asking prices have been noted at $120 in the South and $186-plus in the North.
Boxed beef prices are higher: choice up $4.09 ($257.84) and select up $5.03 ($245.20) with a movement of 173 loads (107.49 loads of choice, 10.01 loads of select, 17.50 loads of trim and 37.78 loads of ground beef).
FEEDER CATTLE
Limit higher pretty much sums up the feeder cattle market as Monday pushes cattle contracts significantly higher. Thankfully Monday is trading higher, but it only serves as one day in the trading week and there is still a lot of volatility within the marketplace. On the bright side I spoke with a handful of sale barn owners over the weekend and they said that feeder cattle demand is skyrocketing. They noted that with packers pulling more and more fat cattle that feedlots are looking to refill their pens and aren't wasting anytime doing so.
LEAN HOGS
Lean hog contracts aren't as vigorous as cattle contracts are Monday morning but are still posting an exceptional rally. Nearby contracts are taking advantage of the support and are pushing contracts to limit highs while deferred contracts feel more conformable around the $1.00 to $2.00 advancements. April lean hogs are up $3.00 at $64.57, June lean hogs are up $2.57 at $70.52 and July lean hogs are up $2.30 at $72.67.
The projected lean hog index for 3/20/2020 is up $1.00 at $63.18 and the actual index for 3/19/2020 is up $0.85 at $62.18. Hog prices are higher on the National Direct Morning Hog Report, up $0.02 with a weighted average of $56.35, ranging from $47.00 to $60.00 on 7,761 head sold and a five-day rolling average of $55.76. Pork cutouts total 265.70 loads with 251.97 loads of pork cuts and 13.74 loads of trim. Pork cutout values: up $4.17 at $84.21.
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