Thursday Closing Livestock Market Summary - For the Most Part, Livestock Futures Close Moderately Higher

GENERAL COMMENTS:

The cash cattle trade saw some improvement in bids through the day, but certainly not enough to tempt higher asking prices. Southern buyers reached as high as $110-$113, but well short of asking prices around $116-$117. Some dressed bids in the North were clocked as high as $176, but still far shy of askings near $178-$180. According to the closing report, the national hog base is $0.30 higher compared with the Prior Day settlement ($46-$52.44, weighted average $52.65). Corn futures settled fractionally higher, supported by higher bean prices and signs of encouraging U.S.-China trade talks ahead of the G-20 meeting in Buenos Aires. Wall Street bounced higher with the Dow recovering by 208 points and the Nasdaq improving by 1.

LIVE CATTLE:

Live contracts closed moderately higher, up 50 to 55 thanks to short-covering and pre-cash-positioning. Beef cutouts closed higher with the choice up $0.39 ($213.15) and select up $0.40 ($197.58). Box demand was called moderate to good on moderate offerings.

FRIDAY'S CASH CATTLE CALL:

Steady-$1 lower. Cattle traders will be back in the late-week corner on Friday, a familiar pattern seen over the last several weeks. Our guess is that moderate trade volume will eventually develop through the day, probably stretching into the late evening hours. Prices are likely to be steady to weak when everything is said and done.

FEEDER CATTLE:

Feeder paper settled on a mixed basis with nearbys gaining on deferreds. CME cash feeder index for 11/14: $148.93, off $0.45.

LEAN HOGS:

The lean hog trade closed mostly higher with buying interest especially evident in 2019 contracts. Spot December remains very skeptical concerning price pressure tied to late-year production. But new year futures are clearly more optimistic, possibly cheered by ideas of greater kill capacity in 2019 and the unknown development of ASV and the possibility of curtailed global tonnage. Carcass value closed moderately lower, checked by picnics, butts and hams. The cutout totaled $68.67, off $0.35. CME cash lean index for 11/13: $60.47, off $0.73 (DTN Projected Lean Index for 11/14: $59.86, off $0.61).

FRIDAY'S CASH HOG CALL:

Steady-$1 lower. Anticipate one final round of steady-to-soft bids as hog buyers conclude their weekly procurement chores.

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