Feeder cattle are showing green on the screen with the exception of front-month March which is slightly negative. So far futures prices as confined to posting a lower high and still negative. Live cattle are showing triple-digit gains.
Hogs are reaching for the sky with no sign of slowing down.
Corn is up 5 1/2 cent. The Dow is up 39 points with the NASDAQ up one point.
Live cattle futures are attempting a run back to the highs. Futures contracts are flirting with triple-digit gains. Some of this may be the result of the substantial winter storm that has and is moving through cattle country. So far there has been limited with prices $1.00 lower than last week.
Boxed beef is $167.20, down $0.36 from yesterday. Boxed beef cut-outs at midday are lower with choice down $0.40 at a value of $227.84 and select, down $0.03 with a value at $219.25. Movement is light at 62 loads reported (35 loads of choice cuts, 9 loads of select cuts, 7 loads of trimmings, and 11 loads of ground beef. Estimated daily slaughter is 115,000 head.
Feeder cattle are not in the same posture as prices have a way to go to reach back to the highs. So far futures have posted a lower higher which may keep a little pressure on the market. Futures are close to mirroring the gains of live cattle.
Firm market support is again prevalent in the market. Lean hogs are on a roll. Buying interest is renewed as short-covering again dominates the trade with also renewed buying interest. October hogs are leading the charge again capitalizing on the strength of yesterday.
Cash price is slightly lower on the National Direct morning report. The weighted average price is $0.04 lower. With the range from $46.00 to $53.00.
The National Pork Plant report posted 179 selling on the morning report (165 loads of pork cuts and 14 loads of trim/process). Pork carcass values increased $0.72 per cwt at $68.57 per cwt. Lean hog index for 3/12 in $53.12, up $0.74 with the projected two-day index of $1.00 at $54.13.