GENERAL COMMENTS:
The livestock complex is trading higher into Friday's noon hour as the market finally found the support it wanted to see. Bids are currently on the table in the South, but no more cash cattle trade has been noted. May corn is down 2 1/2 cents per bushel and May soybean meal is down $3.20. The Dow Jones Industrial Average is down 484.82 points and NASDAQ is down 305.69 points.
LIVE CATTLE:
With the aid of steady trade in the cash cattle complex and upon seeing midday boxed beef prices higher, the live cattle contracts are $2.00 to $3.00 higher ahead of Friday's noon hour. April live cattle are up $3.25 at $238.35, June live cattle are up $3.70 at $238.52 and August live cattle are up $3.60 at $236.00. Currently the spot June live cattle contract is trading above its 40-day moving average, which has been a challenging threshold for the market over the last week. Following the light business that developed in the North on Thursday at $372 (fully steady with last week's weighted average) there's been no more cash cattle trade noted yet. Bids are currently on the table in the South at $235, but feedlot managers are holding firm as their initial asking price was set at $238 to $240. More trade will need to develop throughout the day.
Boxed beef prices are higher: choice up $4.24 ($394.09) and select up $0.23 ($391.89) with a movement of 62 loads (43.96 loads of choice, 3.26 loads of select, 6.71 loads of trim and 8.01 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex is loving all the support the cattle sector is receiving Friday morning and the contracts are mostly $5.00 to $6.00 higher headed into Friday's noon hour. April feeders are up $6.10 at $361.17, May feeders are up $6.90 at $358.72 and August feeders are up $6.42 at $356.80. Feeder cattle demand has also been stronger this week in sale barns across the country as buyers realize turn-out season is quickly approaching.
LEAN HOGS:
The lean hog complex has fully absorbed Thursday's Quarterly Hogs and Pigs report and is making the most out of it as the nearby contracts are more than $1.00 higher heading into Friday afternoon. April lean hogs are steady at $90.82, June lean hogs are up $1.52 at $105.82 and July lean hogs are up $1.87 at $108.57. Hopefully this sizeable move confirms there's been a short-term bottom established for the futures complex. The projected CME Lean Hog Index is delayed from the source. Hog prices are lower on the Daily Direct Morning Hog Report, down $0.32 with a weighted average price of $90.60, ranging from $89.00 to $92.00 on 1,753 head and a five-day rolling average of $90.91. Pork cutouts total 236.48 loads with 212.43 loads of pork cuts and 34.05 loads of trim. Pork cutout values: up $3.15, $98.50.
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