Friday Midday Livestock Market Update - Cash Cattle Prices Move Higher Again, Rallying Cattle Contracts

GENERAL COMMENTS Friday's spirit has perked up as cash trade has developed higher once again this week, which has incentivized the cattle contracts to trade higher as well. The lean hog market hasn't been as active though the cash market was able to trade slightly higher Friday morning also. July corn is up 1 1/4 cents per bushel and July soybean meal is down $0.90. The Dow Jones Industrial Average is down 75.13 points and NASDAQ is down 12.95 points. LIVE CATTLE With grand encouragement coming from the cash cattle market -- live cattle contracts have stepped up their game and are trading somewhat higher. June live cattle are up $3.00 at $97.12, August live cattle are up $1.12 at $98.12 and October live cattle are up $0.70 at $100.65. The market has chopped higher and lower throughout the entirety of the week so some fundamental support from the cash market is greatly welcomed. Light trade ha been reported throughout Friday morning in several areas. Southern live cattle sold for $120 -- $5.00 to $10.00 higher than the trade seen Wednesday, and $14 higher than last week's weighted average. Cattle left on showlists are prices around $120-plus for live cattle and dressed cattle are at $185. Boxed beef prices are lower: choice down $14.12 ($436.80) and select down $13.28 ($424.12) with a movement of 67 loads (30.70 loads of choice, 6.51 loads of select, 17.23 loads of trim and 12.93 loads of ground beef). FEEDER CATTLE The positive energy stemming from the jump in cash cattle prices has snuck into the feeder cattle complex and is moderately rallying prices. May feeders are up $0.95 at $124.75, August feeders are up $1.05 at $132.10 and September feeders are up $0.92 at $133.45. With early feeder cattle video sales two to three weeks away, the industry will gladly take any encouragement as producers are leery of what they calves may bring given the volatile nature of the market right now. LEAN HOGS The lean hog market has been as lively as the cattle complex, but a tick higher cash market trade is always encouraging. June lean hogs are up $0.07 at $58.82, July lean hogs are down $0.45 at $58.35 and August lean hogs are down $0.82 at $56.90. The board will mostly continue to trade in this moderately lower fashion into closing as the traders eye the momentum in the cattle contracts. The projected lean hog index for 5/14/2020 is down $0.17 at $68.70, and the actual index for 5/13/2020 is up $0.98 at $68.87. Hog prices are higher on the National Direct Morning Hog Report, up $0.05 with a weighted average of $37.11, ranging from $35.00 to $39.00 on 6,934 head sold and a five-day rolling average of $37.16. Pork cutouts total 197.97 loads of pork cuts with 179.59 loads of pork cuts and 18.38 loads of trim. Pork cutout values: up $4.76, $118.55.

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