DTN Midday Livestock Comments          04/09 12:08

   There Went That Idea 

   Livestock contracts start to brace for the long weekend and skip out on 
trading in a higher manner on Thursday. 

By ShayLe Stewart
DTN Livestock Analyst

General Comments

   Livestock contracts were able to rally for three days in a row but now that 
Thursday has arrived the support the complex garnered earlier this week has 
dissipated. May corn is up 2 cents per bushel and May soybean meal is up $0.70. 
The Dow Jones Industrial Average is up 502.80 points and NASDAQ is up 86.92 
points. 

   LIVE CATTLE 

   Live cattle contracts are trading lower with the rest of the livestock 
complex and a depressed attitude hasn't helped the cash cattle trade. April 
live cattle are up $0.80 at $93.62, June live cattle are down $2.07 at $84.60 
and August live cattle are down $1.65 at $90.55. Cash cattle trade has been 
mostly quiet with no bids being renewed at this point. Asking prices are around 
$110 on live cattle and $175 for dressed. 

   Of the cattle that have traded this week -- substantially lower has been the 
tone as live cattle trade for $105, $4.00 lower than last week's average, and 
dressed cattle have traded at $168, $6.00 lower than last week's weighted 
average. 

   Boxed beef prices are lower: choice is down $3.41 ($224.47) and select down 
$3.64 ($214.11) with a movement of 75 loads (44.98 loads of choice, 9.00 loads 
of select, 7.58 loads of trim and 13.53 loads of ground beef). 

   FEEDER CATTLE 

   Feeder cattle contracts have teetered back and forth; one minute they are 
higher, the next they are lower. It's apparent that the complex has more 
support in its backing than the other contracts but as pressure grows from the 
other markets, the feeder cattle market has fallen mostly lower. April feeders 
are down $1.07 at $118.80, May feeders are down $1.22 at $118.15 and August 
feeders are up $0.05 at $127.60. 

   LEAN HOGS 

   The coronavirus headache continues as the Smithfield pork processing plant 
in Sioux Falls, South Dakota, announced it will close temporarily for cleaning 
after there have been 80 confirmed cases with plant employees. The plant 
intends to close some of its production Saturday, and then be completely shut 
down both Sunday and Monday so that the premises can be cleaned and sanitized. 
The Department of Agriculture said that there has been no evidence that the 
coronavirus is being transmitted through food or its packaging -- thankfully! 

   It's been a softer day in the lean hog complex as the board has subsided to 
lower prices and the cash market is both lower and trading on fewer head. April 
lean hogs are down $0.62 at $42.50, June lean hogs are down $2.07 at $49.37 and 
July lean hogs are down $1.50 at $55.35. 

   The projected lean hog index for 4/8/2020 is down $1.86 at $51.11 and the 
actual index is down $2.55 at $52.97. Hog prices are lower on the National 
Direct Morning Hog Report, down $0.37 with a weighted average of $39.97, 
ranging from $39.50 to $41.00 on 2,559 head sold and five-day rolling average 
of $41.38. Pork cutouts totaled 191.64 loads with 155.93 loads of pork cuts and 
35.71 loads of trim. Pork cutout values: up $0.91, $52.32. 

   ShayLe Stewart can be reached shayle.stewart@dtn.com 


(CZ)

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