GENERAL COMMENTS:
The cash cattle trade really never left the ground with just an odd collection of bids and asking prices that never come close of real business process. A few showlists were priced around $180 in the North, far above bids around $174-$175. Some ready steers and heifers in the South were priced around $114-$115 in the South, though no regional bids have yet been identified. According to the closing report, the national hog base totaled $0.02 higher at $57.60 ($50-58.50). Corn futures slumped several cents lower, pressured by dry harvest conditions and significant dollar strength. Equities continued to tumble lower with the Dow off 608 points and the Nasdaq off by 329.
LIVE CATTLE:
The live cattle market closed mostly higher, advancing by 50 to 120. Wednesday's rebound was tied to short-covering and stronger beef cut-outs at midweek. Beef cut-outs closed significantly higher with the choice up $111 ($211.39) and select up $0.96 ($197.82). Box demand was called moderate to fairy good and light-to-moderate offerings.
THURSDAY'S CASH CATTLE CALL:
Steady-$2 higher. Cattle buying interest should begin to improve Thursday, but significant trade volume could be delayed until sometime Friday.
FEEDER CATTLE:
Feeders settled on a mixed basis with spot October off 45 points and the balance of the trade up by 5 to 50. CME cash feeder index: 10/23: $154.93, off $0.13.
LEAN HOGS:
Hog bulls caught fire Wednesday with lean issues surging as much as 200-300 higher. Much of the aggressive buying interest seemed tied to a growing number of reports of African swine fever across the globe. The carcass value closed moderately lower, curbed by all primals except ribs and bellies. Pork cut-out: $77.54, off $0.32. CME cash lean index for 10/22: $66.43, off $0.79 (DTN projected lean index for 10/23: $65.46, off $0.49).
THURSDAY'S CASH HOG CALL:
Steady. Look for packers to resume work in the morning by bidding near-steady money.
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