Another good start to the day’s trade as all three livestock contracts head higher.
Heading into the noon hour with more strength and stability, the livestock market seems to be putting a bottom into the recent downtrend. All three sectors are trading for higher prices and the two cattle contracts are pushing prices above $1.00 and $2.00 gains.
March corn is down 2 1/2 cents per bushel and March soybean meal is down $2.40. The Dow Jones Industrial Average is down 48.30 points and NASDAQ is up 2.09 points.
The feeder cattle market seems to be leading the surge higher but live cattle contracts aren’t far behind in their rally. February live cattle are up $1.80 at $121.25, April live cattle are up $2.32 at $120.85 and June live cattle are up $1.85 at $112.47.
If the market can keep its enthusiasm through closing (which seems likely), the big watch for next week will be if cash prices are able to strengthen. Cash cattle trade is elusive Friday morning as most of the business has already been taken care of for the week.
Boxed beef prices are higher: choice up $1.53 ($207.98) and select up $2.11 ($205.90) with a movement of 89 loads (37.03 loads of choice, 9.55 loads of select, 23.49 loads of trim and 18.61 loads of ground beef).
Major gains in feeder cattle market heading into the noon hour as the complex steadily pulls most prices up over $2.00 gains. March feeders are up $2.75 at $139.07, April feeders are up $2.97 at $141.92 and May feeders are up $2.87 at $143.70.
Seeing that the feeder cattle market lost near $13.00 in the last month, the steady uptick the last couple of days has been well absorbed and a saving grace to cattlemen’s minds.
The lean hog market steadily moves prices higher again Friday morning as the complex is still largely supported by traders and strong morning cash prices have helped solidify the movement as well. April lean hogs are up $0.65 at $64.72, May lean hogs are up $0.32 at $73.17 and June lean hogs are up $0.12 at $81.15.
The projected lean hog index is delayed from the source. Hog prices are higher on the National Direct Morning Hog Report, up $1.23 with a weighted average of $49.87, ranging from $44.00 to $51.64 on 6,869 head sold and a five-day rolling average of $49.73.
Pork cutouts total 186.01 loads with 165.85 loads of pork cuts and 20.16 loads of trim. Pork cutout values: down $0.17, $62.93.