GENERAL COMMENTS:
The cattle contracts see modest support from traders at midweek but the lean hog contracts aren't seeing the same level of interest as traders are concerned about the lag in pork cutout values. No cash cattle trade has developed, and given that packers haven't offered up any bids yet, it's likely that trade will be delayed until Thursday or Friday. March corn is down 7 1/4 cents per bushel and May soybean meal is down $5. The Dow Jones Industrial Average is down 80.02 points.
LIVE CATTLE:
The live cattle contracts started the day cautious as traders were slow to come to the market, but as time passed, trader interest and enthusiasm improved. All contracts are trading higher into Wednesday's noon hour. February live cattle are up $0.35 at $184.70, April live cattle are up $0.70 at $188.02 and June live cattle are up $0.47 at $183.42. No cash cattle interest has risen as packers are yet to offer up any bids but asking prices are noted in the south at $184 to $185 and remain unestablished in the north. Trade isn't expected to develop until Thursday or potentially even Friday
Boxed beef prices are mixed: Choice up $0.84 ($298.21) and select down $2.50 ($285.32) with a movement of 77 loads (41.00 loads of choice, 11.02 loads of select, 10.55 loads of trim and 13.95 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex continues to trade higher as the market finds ample support from the live cattle market's higher trend and fully expects Friday's Cattle on Feed report to be bullish for its market. March feeders are up $0.05 at $251.42, April feeders are up $0.77 at $256.11 and May feeders are up $1.02 at $259.15. It's been noted in sales again this week that cattle that can make grass cattle this summer are seeing strong interest as buyers are concerned that if they wait to buy their grass calves in May/June, there may not be enough stock available.
LEAN HOGS:
The lean hog complex has traded back and forth throughout the day, but as Wednesday's noon hour approaches, the market is currently trading lower. Part of the market's cautiousness stems from that pork cutout values are lower again. This week's export data won't be shared until Friday but hog enthusiasts are hoping sales will be strong again this week. April lean hogs are steady at $85.67, June lean hogs are down $0.30 at $97.87 and July lean hogs are down $0.17 at $98.85.
The projected lean hog index is delayed from the source. Hog prices on the Daily Direct Morning Hog Report average $72.48, ranging from $65 to $73.50 on 3,270 head and a five-day rolling average of $70.46. Pork cutouts total 147.77 loads with 105.33 loads of pork cuts and 42.45 loads of trim. Pork cutout values: Down $1.45, $90.99.
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