Monday Closing Livestock Market Summary - Lean Hog Futures Launch Tail-End of October With Solid Price Progress

GENERAL COMMENTS:

Activity in feedlot country was typically quiet as showlist assessment proved to be the major order of the day. The new offering appears to be mixed, larger in Nebraska and Colorado, about steady in Kansas and smaller in Texas. Overall, late-month supplies appear to be somewhat larger than the previous week. According to the closing report, the national hog base totaled $0.27 higher at $57.60 ($51-$59). December corn lost about a penny Monday with buyers difficult to recruit in the face of constructive harvest weather. The stock market closed down 245 points with the Nasdaq off 116.

LIVE CATTLE:

Live cattle futures opened business for the week on a mixed basis, with settlements ranging from 42 cents higher in nearby August to off 40 cents to $1.16 in the deferreds. Beef cut-outs closed higher with the choice up 37 cents ($213.47) and select up 52 cents ($198.03). Box demand was called moderate to fairly good with light offerings.

TUESDAY'S CASH CATTLE CALL:

Steady-$2 higher. Look for a typically quiet Tuesday with both bids and asking pricing poorly defined.

FEEDER CATTLE:

Feeder futures closed narrowly mixed in light volume. On an estimated run of 11,800 head (i.e.., up from 7,033 from the prior week and greater than 8,743 last year), Oklahoma City sold steers and heifers on an uneven basis, ranging from $3 higher to $3 lower. CME cash feeder index: 10/26: $153.56, off $0.45.

LEAN HOGS:

Lean issues got up on the right side of the bed to start the week. The carcass value closed 93 cents higher, supported by all primals except the loin. CME cash lean index for 10/25: $64.61, off $0.42. (DTN Projected Lean Index for 10/26: $64.16, off $0.25).

TUESDAY'S CASH HOG CALL:

Steady-$1 lower. Hog buyers are expected to resume work in †he morning with bids steady to $1 higher.

#ccc