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DTN Midday Livestock Comments          04/01 12:06

   Hitting Limit Lows -- Again 

   Wednesday is shaping up to be a tough day for livestock contracts as all 
three contracts have either limit lower movements already or are nearing that 
price range. 

By ShayLe Stewart
DTN Livestock Analyst

General Comments

   As Wednesday nears the noon hour, the day isn't shaping up to extend anyone 
any favors as the board trends substantially lower and the light run cash 
cattle trade that has developed is $7.00 to $9.00 lower compared to last week. 
May corn is down 4 1/4 cents per bushel and May soybean meal is down $5.30. The 
Dow Jones Industrial Average is down 796.07 points and NASDAQ is down 255.19 
points. 

   LIVE CATTLE 

   Live cattle contracts have followed the day's call to trade lower as the 
board falls $4.42 to $4.50 lower. April live cattle contracts are down $4.47 at 
$97.35, June live cattle contracts are down $4.27 at $87.80 and August live 
cattle contracts are down $4.50 at $89.10. Wednesday has seen an immense about 
of pressure build up in the complex and as time progresses traders are less and 
less interested in investing in these times and are sitting on the sidelines. 
Cash cattle trade has yet to really develop except for what was offered on the 
Fed Cattle Exchange Wednesday morning. Asking prices are still placed at $120 
in the South and $190 in the North -- it wouldn't be surprising to see trade 
develop Wednesday afternoon or wait until Thursday. 

   Wednesday's Fed Cattle Exchange listed a total of 4,696 head, consisting of 
33 lots. A total of 832 head sold. One-to-nine-day delivery 2,079 head total, 
662 head sold with a weighted average price of $113.00. One-to-17-day delivery 
2,617 head total, 170 head sold with a weighted average price of $112.06. The 
breakdown looks like this: Kansas had 13 lots, totaling 1,799 head, of which 
318 head sold with at $113.00, 151 head sold at $113.00 but the offer was 
passed; Nebraska had nine lots totaling 1,211 head, of which 91 head sold at 
$111.25; Colorado had five lots totaling 695 head, of which none sold; Texas 
had four lots totaling 824 head, of which 344 head sold at $113.00, 480 head 
sold at $112.00 to $125.00, but the offer was passed; Oklahoma had two lots 
totaling 167 head, of which 79 head sold at $113.00,

   Boxed beef prices are lower: choice down $7.30 ($235.85) and select down 
$2.06 ($226.90) with a movement of 78 loads (42.87 loads of choice, 5.07 loads 
of select, 22.82 loads of trim and 6.86 loads of ground beef). 

   FEEDER CATTLE 

   Trading completely lower like the rest of the livestock complex - feeder 
cattle contracts head into the noon hour $4.50 lower throughout the entire 
market. April feeders are down $4.50 at $117.42, May feeders are down $4.50 at 
$118.40 and August feeders are down $4.50 at $124.40. Wednesday's country sales 
may be affected as this isn't just a little step lower in prices just another 
major move and an addition of more uncertainty. 

   LEAN HOGS 

   Wednesday isn't granting any favors to the lean hog market as the entire 
complex heads into the noon hour $3.00 lower. April lean hogs are down $3.00 at 
$49.20, June lean hogs are down $3.00 at $57.32 and July lean hogs are down 
$3.00 at $61.72. As pressure continues to build in the complex, prices are 
given no other option to continue to fall lower as support is nowhere to be 
found in Wednesday's market - cash hogs are lower, the board is limit lower and 
cutout values are lower. 

   The projected lean hog index for 3/31/2020 is down $0.69 at $64.46 and the 
actual index for 3/30/2020 is down $0.41 at $65.15. Hog prices are lower on the 
National Direct Morning Hog Report, down $0.57 with a weighted average of 
$53.88, ranging from $48.00 to $61.00 on 4,296 head sold and a five-day rolling 
average of $57.53. Pork cutouts totaled 187.65 loads with 167.54 loads of pork 
cuts and 20.11 loads of trim. Pork cutout values: down $1.95, $63.09. 

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


(CZ)

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