Unfortunately, Friday isn’t finding the support it needed to keep prices higher heading into afternoon.
Upon the noon hour livestock contracts have kept with either earlier pace of slowly trading lower. It’s becoming apparent that as the week wraps up, traders aren’t interested in jumping into the marketplace until there is some more vision and clarity.
May corn is down 4 1/4 cents per bushel and May soybean meal is down $1.10. The Dow Jones Industrial Average is down 737.37 points and NASDAQ is down 241.84 points.
Live cattle prices bear lower into the noon hour as the week is seeming to want to wrap up all aspects of business. April live cattle are down $4.15 at $101.30, June live cattle are down $3.95 at $89.60 and August live cattle are down $3.55 at $90.92.
Disappointingly the week has ended up trading lower after Wednesday despite the beginning of the week having significant support. Packer inquiry is sparse heading into the midday and at this point it’s safe to say cash cattle business is essentially done as well.
Boxed beef prices are lower: choice down $1.46 ($252.11) and select is down $0.56 ($241.61) with a movement of 99 loads (56.50 loads of choice, 8.22 loads of select, 15.37 loads of trim and 19.37 loads of ground beef).
Feeder cattle contracts dip to limit losses in a slew of nearby contracts and deferred contracts are only roughly 20 cents behind. As the week nears its end traders are checked out for the week and aren’t looking to invest while the market is still engulfed in uncertainty. April feeders are down $4.50 at $120.60, May feeders are down $4.50 at $120.92 and August feeders are down $4.50 at $127.10. On the bright side, the country has been blessed with phenomenal weather which is making springtime sales easier than many had planned for, and cattle are converting like crazy with sunny days and cooler nights.
Lean hog contracts follow suit and head substantially lower. Nearby contracts are suffering more than deferred contracts but the entire complex is trading steadily $2.00 to $4.50 lower. April lean hogs are down $3.80 at $59.10, June lean hogs are down $4.50 at $64.25 and July lean hogs are down $4.00 at $66.62.
The projected lean hog index for 3/26/2020 is up $0.26 at $66.46, and the actual index for 3/25/2020 is up $1.05 at $66.17. Morning hog prices are delayed due to packer submission problems. Pork cutouts total 170.60 loads with 149.03 loads of pork cuts and 21.57 loads of trim. Pork cutout values: down $2.85, $74.76.