GENERAL COMMENTS:
Light trade was scattered around parts of the North Wednesday with a few dressed deals marked at $110-$111. At the same time, a few live bids in the North were tagged at $172-$174. On the other hand, the South remained at an essential standstill with significant trade volume delayed until Thursday or Friday. According to the closing report, the national hog base is $0.79 lower compared with the Prior Day settlement ($53-$60.50, weighted average $58.97). Corn futures settled about a penny lower, pressured by dry forecasts and hopes of harvest progress. The stock market closed lower with the Dow down 97 points and the Nasdaq off by 2.
LIVE CATTLE:
Live issues settled with uneven price action action, with spot October up 27 points and deferred contracts off 52. Beef cut-outs closed lower with the choice off $0.05 ($204.56) and off the select $1.36 ($191.19). Product demand was described as light on moderate to heavy offerings.
THURSDAY'S CASH CATTLE CALL:
Steady-$2 lower. The cash cattle trade seems set to open on the defensive as packers continue to search for ways to save money.
FEEDER CATTLE:
Feeders closed on a mixed basis, ranging from $0.05 higher to $0.87 lower. Spot was relatively supported by the premium of the cash index. CME cash feeder index: 10/11: $155.14, off $0.22.
LEAN HOGS:
Lean hog futures closed sharply lower as bears anticipated larger and larger numbers of seasonal barrows and gilts. The carcass value slumped lower, pressured by all primals except the rib. Pork cut-out: $83.71 a seasonal bottom, off $2.25. CME cash lean index for 10/15: $68.59, up $0.17 (DTN Projected lean index for 10/16: $68.17, off $0.42).
THURSDAY'S CASH HOG CALL:
Look for cash hog traders to resume procurement chores in the morning with bids steady to $1 lower.
 |
| #completecalfcare |
No comments:
Post a Comment