GENERAL COMMENTS:
Cash action in feedlot country was very quiet,
largely because business late Wednesday turned out to be more
substantial than originally thought (i.e., $116-$117 in the South,
mostly $116 in the North). A few dressed deals in Nebraska and Iowa were
marked as high as $182-$185. According to the closing report, the
national hog base is $0.22 lower compared with the Prior Day settlement
($46-$51.03, weighted average $50.42). The corn market closed generally
2-3 cents lower in listless trade volume and commitment. Equities closed
178 points lower basis the Dow with the Nasdaq off 33.
LIVE CATTLE:
In light, post-holiday trading, live contracts
closed moderately higher, up 7 to 70 cents. Late-week short-covering was
tied in part to firm feedlot sales and smaller-than-expected October
placement activity. Beef cut-outs closed higher with the choice up $0.16
($213.85) and select up $0.25 ($198.51). Box demand was called moderate
with light offerings.
MONDAY'S CASH CATTLE CALL:
Steady/firm. Cash activity will be typically slow as buyers and sellers focus on †he distribution of late-month showlists.
FEEDER CATTLE:
Feeders followed a similar trading pattern established in the live trade, closing generally 75 cents higher.
LEAN HOGS:
Lean issues settled with decent price progress
in the wake of Thanksgiving. Contracts settled 80 cents to $1.65 higher.
Buying energy also seemed tied to reports of African swine fever in
China as a possible opportunity for increased world pork demand. Carcass
value held about steady with processing items and fresh cuts mixed. The
cut-out totaled $66.93, off $0.04. CME cash lean index for 11/20:
$58.02, off $0.21 (DTN Projected lean index for 11/21: $57.84, off
$0.18).
MONDAY'S CASH HOG CALL:
Steady-$1 higher. Look for hog buyers to resume procurement chores on Monday with steady/firm bids.
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