Midday on Wednesday is bringing encouragement into the livestock complex as all contracts are trading fully higher. The market was hesitant about the day's direction but has since slowly progressed in a bullish upward move. Cash hogs are trading slightly higher, so with everything else being slightly optimistic it would nice to see the live cattle market trade at least steady if not higher as well. July corn is down 2 1/2 cents per bushel and July soybean meal is up $0.30. The Dow Jones Industrial Average is down 15.24 points and NASDAQ is up 92.60 points.
LIVE CATTLE
Live cattle contracts don't want to be left in the dust heading into the noon hour. June live cattle are up $0.95 at $87.42, August live cattle are up $0.95 at $93.40 and October live cattle are up $0.80 at $97.35. Given that it's already Wednesday and bids and asking prices have not developed yet shows just how leery all cattlemen are of the market right now. Seeming to sit on pins and needles cattlemen need to move cattle as some haven't gotten a bid in over a month now. There was some light trade that took place in Nebraska Tuesday with dressed deals ranging from $145 to $150 -- with some fancy cattle selling for $170.
The Fed Cattle Exchange Auction listed a total of 5,119 head, with 679 actually sold, 4,308 head listed as unsold, and 132 head listed as PO (Passed Offer). The state by state breakdown looks like this: Kansas 1,657 total head, with 295 head sold at $95.00, 1,230 head unsold, 132 head listed as PO ($90.00); Nebraska 2,064 total head, with none sold; Texas 515 total head, with 384 head sold at $95.00-$95.25, 131 head unsold; Oklahoma 883 total head, none sold. The delivery date/weighted averages breakdown is as listed: 1-9 day delivery: 569 head total, none sold; 1-17 day delivery 4,550 head total, 679 head sold, with a weighted average price of $95.05.
Boxed beef price jump higher again: choice up $21.81 ($450.81) and select up $20.03 ($430.74) with a movement of 75 loads (37.33 loads of choice, 10.72 loads of select, 12.34 loads of trim and 14.52 loads of ground beef).
FEEDER CATTLE
As contracts near the noon hour, the market has jostled back and forth trying to determine where the day will trade but slowly the feeder cattle market has climbed higher. Seeing the other contracts trade higher the market quickly went from trading steady to fully higher. May feeders are up $0.30 at $119.90, August feeders are up $0.52 at $128.85 and September feeders are up $0.77 at $130.22.
LEAN HOGS
Tyson announced Wednesday that it will resume production at its Waterloo, Iowa, facility as soon as Thursday, May 7. Limited production speeds will kick the plant back into production but hopefully within not too long a time the plant can run at the usual levels. This along with the board's positivity drove some of the lean hog contracts higher, and even gave the cash market a stronger pull Wednesday morning. June lean hogs are up $0.45 at $64.75, July lean hogs are up $0.07 at $63.00 and August lean hogs are up $0.02 at $62.70.
The projected lean hog index for 5/5/2020 is up $2.03 at $62.38 and the actual index for 5/4/2020 is up $0.56 at $60.35. Hog prices are higher on the National Direct Afternoon Hog Report, up $0.20 with a weighted average of $36.56, ranging from $36.00 to $38.00 on 3,370 head sold. Pork cutouts total 166.93 loads with 151.03 loads of pork cuts and 15.90 loads of trim. Pork cutout value: up $5.43, $119.01.
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