GENERAL COMMENTS:
Once again, the cash cattle trade was limited to
an odd assortment of bids and asking prices that didn't match up in
terms of significant trade volume. Dressed bids of $180 in the North
fell short of asking prices of $185 plus. Similarly, bids of $112-$114
in the South fell short of area asking prices of $117-$118. According to
the closing report, the national hog base totaled $0.24 higher at
$58.23 ($52-$60). The corn trade popped about 3 cents higher, hiked by a
presidential tweet suggesting that real progress was being made in
resolving the trade war with China. The stock market rebounded for the
third consecutive round with the Dow closing 264 points higher and the
Nasdaq finishing 128 in the green.
LIVE CATTLE:
Live futures settled moderately higher with
closing prices ranging from up 15 cents to positive by 52 cents.
Needless to say, neither side felt confident about late-week cash
potential to aggressively push their arguments. Beef cut-outs closed
higher with the choice up $1.62 ($218.55) and select up $0.22 ($204.25).
Box demand was called moderate to fairly good with light offerings.
FRIDAY'S CASH CATTLE CALL:
Steady-$2 higher. Cattle buyers and sellers will
be running out of time on Friday. Look for moderate to active cash biz
to surface Friday sometime between late morning and midafternoon.
FEEDER CATTLE:
New spot November feeders closed 17 cents lower.
The rest of the complex closed moderately higher in rather lackluster
action. CME cash feeder index: 10/31: $154.18, up $0.05.
LEAN HOGS:
Lean hog contracts finished on a mixed basis
with settlements ranging from 55 cents higher to 25 cents lower. Nearby
issues lost ground to deferreds thanks to bull-spreaders taking profits.
Carcass value closed moderately lower, checked by fresh cuts and
bellies. The pork cut-out totaled $75.39, off $0.66. CME cash lean index
for 10/30: $63.90, off $0.03 (DTN Projected Lean Index for 10/31:
$64.07, up $0.17).
FRIDAY'S CASH HOG CALL:
Steady-$1 lower.
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