Thursday Closing Livestock Market Summary - Cattle Futures Settle on a Mixed Basis

GENERAL COMMENTS:

Moderate trade volume developed in most areas of cattle country Thursday with live sales in the South marked at $111 (about steady with last week). On the other hand, dressed trade volume in the North surfaced at $173-$174, $1-$2 lower than last week's weighted average basis Nebraska. According to the closing report, the national hog base is $0.73 lower compared with the Prior Day settlement ($57-$63.42, weighted average $61.92). December corn closed up 6 1/2 cents at $3.69 1/4 Thursday, helped by USDA's lower-than-expected estimate of 1.813 billion bushels of U.S. ending corn stocks for 2018-19, down from 2.14 bb last year. The stock market continued to implode with the Dow losing another 545 points. The Nasdaq crashed by 92.

LIVE CATTLE:

Action in the live market was mixed with settlements ranging from 82 points higher to 75 points lower. Nearbys generally gained ground lost by the deferreds. Beef cut-outs closed higher with the choice up $0.40 (choice, $202.51) and up $0.72 (select, $192.49). Product demand was described as good with heavy offerings.

FRIDAY'S CASH CATTLE CALL:

FEEDER CATTLE:

Feeders closed widely mixed, up 82 in the nearbys and off 75 in deferreds. CME cash feeder index: 10/10: $158.37, off $0.01.

LEAN HOGS:

Lean futures closed mostly lower (off 152 to 210) with only spot October closing modestly in the black. 2019 seems to be proving more difficult for commercials to work with. The carcass value closed moderately lower, checked by picnics, ribs and hams. Pork cutout: $78.61, off $0.59. CME cash lean index for 10/09: $69.34, up $0.01 (DTN Projected lean index for 10/10: $69.28, -$0.06)..

FRIDAY'S CASH HOG CALL:

Steady-$1 lower. Look for hog buyers to wrap up the week's procurement with bids steady to $1 lower.

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