GENERAL COMMENTS:
The cash cattle trade remained a non-event with neither side showing much showing much determined direction. The national lean hog base closed $.08 higher at $63.45 (receipts totaled 16,062 in a range between $58 and $65.25). Corn futures lost close to 2 cents with December continuing to respect resistance around $3.70. The stock market closed mixed with the Dow up 56 points and the Nasdaq off by 2.
LIVE CATTLE:
Checked by long liquidation and uncertain cash strength, live futures retreated as much as 72 tø 110. The action here could remain choppy until the second half of the trading week when feedlot trade potential becomes more real. Beef cut-outs: mixed, off $.36 ($202.85, choice) to up $.91 (select, $191.72) with light to moderate demand and offerings (73 loads of choice cuts, 29 loads of select cuts, 14 loads of trimmings, 10 loads of ground beef).
WEDNESDAY'S CASH CATTLE CALL:
Feedlot cash potential could assume greater definition by midweek, but significant trade volume may not develop until Thursday or Friday.
FEEDER CATTLE:
Feeder issues closed 72 to 110 as specs and commercials consider the feeding profit potential of the first half of 2019. CME cash feeder index: 10/08: $158.45, up $.10.
LEAN HOGS:
Lean hog futures settled mixed, up 30 in spot October to down 72 to 157. Traders seem to be bracing for the next seasonal increases in ready numbers that typically surface from early. October through late November. Carcass value eased higher, supported by better demand for bellies and ribs (though limited by hams and butts). Pork cut-out: $79.06, up $.13. CME cash lean index for 11/05: $69.36, up $.05 (DTN Projected lean index for 10/08: $69.33, off $.03).
WEDNESDAY'S CASH HOG CALL:
Steady. Look for the cash hog trade at midweek to open virtually steady.
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