Tuesday Midday Livestock Market Update - Traders Push Contracts Higher Following Monday's Weaker Close

GENERAL COMMENTS:

Ample trader support is helping drive the livestock contracts higher into Tuesday's noon hour. Still no cash cattle trade has developed at this point and it's likely trade will be delayed until the latter half of the week. June lean hogs are up $0.58 at $100.325, July corn is down 7 1/4 cents per bushel and July soybean meal is up $0.30. The Dow Jones Industrial Average is up 257.37 points and NASDAQ is up 235.06 points.

LIVE CATTLE:

Following Monday's weaker close, the live cattle contracts are higher as traders seem slightly more willing to support the complex now that the weekend has passed and upon seeing continued boxed beef demand. June live cattle are up $1.32 at $253.07, August live cattle are up $1.85 at $248.02 and October live cattle are up $2.52 at $242.97. Still no trade has developed in the fed cash cattle market and it's most likely the week's trade will be delayed until sometime after Wednesday. No bids or asking prices have surfaced at this point.

Boxed beef prices are higher: choice up $1.86 ($393.42) and select up $3.91 ($394.51) with a movement of 58 loads (38.45 loads of choice, 3.98 loads of select, zero loads of trim and 16.03 loads of ground beef).

FEEDER CATTLE:

Once again, keeping in alignment with the live cattle complex, the feeder cattle contracts are trading higher into Tuesday's noon hour. Thankfully the market has regained most of the position lost on Monday. So, as long as the live cattle contracts keep trading higher, the market will likely maintain this momentum through the close. May feeders are up $5.40 at $372.00, August feeders are up $6.15 at $372.75 and September feeders are up $6.35 at $371.20.

LEAN HOGS:

Could it be the slight uptick in pork demand? Or is it the positive momentum of the cattle complex that's spilled over and now helping the lean hog contracts trade higher too? Your guess is as good as mine, but higher trade is higher trade and after having lost substantial position in the last three trading days, the lean hog complex is grateful for any support it gets. June lean hogs are up $0.50 at $100.25, July lean hogs are up $0.67 at $102.52 and August lean hogs are up $0.80 at $103.20. The projected CME Lean Hog Index is delayed from the source. Hog prices are not available on the Daily Hog Report because of packer submission issues. Pork cutouts totaled 184.45 loads with 164.45 loads of pork cuts and 20.01 loads of trim. Pork cutout values: up $0.89, $98.25.