GENERAL COMMENTS:
Feedlot country was typically quiet with packers focused exclusively on the collection of new showlists. The new offering appears to be generally smaller with only Kansas showing more ready steers and heifers. According to the closing report, the national hog base is $1.51 lower compared with the Prior Day settlement ($47-$54.75, weighted average $51.89). Corn prices closed 1-2 cents higher in lackluster action. The stock market crashed hard Monday with the Dow off 602 points and the Nasdaq down by 206.
LIVE CATTLE:
Live futures settled on a mixed basis with nearbys gaining on deferreds (i.e., up 35 cents to off 7 cents). Front-end issues were supported somewhat by firming wholesale beef demand. Beef cut-outs closed higher with the choice up $0.35 ($215.55) and select up $1.67 ($200.39). Box demand was called moderate to fairly good with light-to-moderate offerings.
TUESDAY'S CASH CATTLE CALL:
Steady-$1 lower. Look for Tuesday business to be untested, as usual, as bids and asking prices remain poorly defined.
FEEDER CATTLE:
Feeder issues closed moderately lower, off 7 to 72 cents. On an estimated run of 9,000 head (down from 9,992 last week and 10,818 in 2017), Oklahoma City sold feeder steers and heifers $6-$8 lower in a light early test. CME cash feeder index: 11/09: $150.59, off $1.04.
LEAN HOGS:
Lean hogs took off like a rocket this week, jazzed by oversold charts and the premium status of the cash index. Triple-digit progress marked final settlements, up 75 cents to $2.02. Carcass value closed moderately higher, supported by ribs, picnics and processing items. The cut-out totaled $70.83, up $0.56. CME cash lean index for 11/08: $62.77, off $0.61, off $0.34 (DTN Projected lean index for 11/09: $61.87, off $1.10).
TUESDAY'S CASH HOG CALL:
Steady-$1 lower. Hog buyers should continue applying cash pressure in the morning, encouraged in that regard by large country offerings.
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