Live are not going to move much due to the Cattle on Feed report to be released this afternoon. Futures contracts are hovering around unchanged despite further gains in feeder cattle. June futures are holding about a $9.00 discount to April in anticipation of heavier second-quarter supplies. There have been a few deals done in Nebraska steady with the smattering of business yesterday at $205. Live trade is running mostly at $128, steady with last week. Boxed beef cut-outs are higher at midday. Choice are up $0.40 with select cuts up $0.39 with light movement of 69 loads (52 loads of choice cuts, 7 loads of select cuts, no loads of trimmings, and 10 loads of ground beef).
Futures continue to follow through on yesterday's strength with prices nearly erasing the losses since the end of February. The market shows good resiliency with April pushing to the high end of the trading range it has been in since November. Later contracts continue to keep the uptrend intact.
Hog futures quickly showed buying support at the opening bell and are posting triple digit gains. Front-month April is at the highest level since Mid-February. June and July are following suit, but with a little less gain. The National Pork Plant report posted 114 loads selling. There were 93 loads of pork cuts and 21 loads of trim/process. Pork carcass values added $0.63 per cwt at $64.88 per cwt. The lean hog index for 3/7 is $51.75 down $010 with a projected 2-day index of $51.71 down $0.04.
Robin Schmahl can be reached at: firstname.lastname@example.org
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