GENERAL COMMENTS:
Thus far it's been a mostly uneventful Tuesday throughout the livestock complex as the cattle contracts are seeing slightly better interest from traders, but the lean hog market is trading lower. No bids or asking prices have surfaced in the cash cattle market and it's likely trade will be delayed until the latter half of the week. May corn is down 3 1/2 cents per bushel and May soybean meal is down $2.60. The Dow Jones Industrial Average is down 234.03 points.
LIVE CATTLE:
The live cattle complex has traded mostly higher thus far Tuesday. The June and August 2024 contracts have been the only contracts to consistently see some mild pressure throughout the day; but as the noon hour nears, even they are trading higher. Midday boxed beef prices may be mixed, but with choice cuts comfortably above $300 for over a week now, one day of slight pressure isn't going to crumble the market. April live cattle are up $0.57 at $187.25, June live cattle are up $0.02 at $182.60 and August live cattle are up $0.10 at $182.02. The cash cattle market hasn't seen any action develop and it's likely that market doesn't see bids or asking prices develop ahead of Wednesday, with trade likely to be delayed until Thursday.
Boxed beef prices are mixed: choice down $1.14 ($305.16) and select up $0.28 ($295.45) with a movement of 79 loads (53.68 loads of choice, 11.07 loads of select, zero loads of trim and 14.38 loads of ground beef).
FEEDER CATTLE:
It's been a dual action move that's helped feeders trade higher as the live cattle contracts are now seeing better support from traders and the corn contracts are back to trading lower. Based on the sale reports we saw Monday afternoon, feeder cattle demand has only gotten stronger as day by day, we get one day closer to spring and green grass. March feeders are down $0.37 at $251.17, April feeders are up $0.22 at $255.97 and May feeders are down $0.20 at $257.57.
LEAN HOGS:
The lean hog complex is trading lower as the market looks for better support Tuesday. Monday afternoon's close was virtually steady with the advancement from Friday, but with no substantial interest from traders and given the fact that pork cutout values are lower and so are morning cash prices -- it comes as no surprise that the lean hog complex is trading lower into Tuesday's noon hour. April lean hogs are down $1.40 at $84.87, June lean hogs are down $0.72 at $101.40 and July lean hogs are down $0.25 at $103.05.
The projected CME Lean Hog Index for 3/4/2024 is up $0.46 at $80.87, and the actual index for 3/1/2024 is up $0.15 at $80.41. Hog prices are lower on the Daily Direct Morning Hog Report, down $0.37 with a weighted average price of $72.88, ranging from $69.00 to $75.00 on 1,950 head and a five-day rolling average of $72.78. Pork cutouts total 154.75 loads with 139.49 loads of pork cuts and 15.26 loads of trim. Pork cutout values: down $1.24, $91.58.
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