General Comments
LIVE CATTLE:
December
cattle continue to set a new contract high keeping the strong uptrend
intact. Stronger cut-out yesterday seem to underpin price potential.
Later contracts remain in a sideway pattern. The November Cattle on Feed
Report did not gain much attention as many of the numbers were already
anticipated. November cold storage of beef declined slightly from
October, totaling 514.7 million pounds according to the USDA Cold
Storage report released today. Boxed Beef cut-out value is $155.89, up
$0.05 from yesterday. Cash cattle are looking at steady prices with
business coming down to the wire again. Boxed Beef cutouts are higher
with choice at $213.56, up $1.09 per cwt and select at $206.81, up $1.55
per cwt. Movement is light with 40 loads reported (24 loads of choice
cuts, 10 loads of select cuts, 3 loads of trimmings, and 3 loads of
ground beef.
FEEDER CATTLE:
Feeder futures show minor losses in lackluster
trade. The feeder cattle index is $145.74, up $0.13 from yesterday. Much
ground will need to be made up during the last week of trading to bring
the index up to January futures. Futures are trying to regain losses
and turn the trend higher.
LEAN HOGS:
Spreading the close month to deferred months is
prevalent. February continues to struggle to find price support. Frozen
pork in cold storage for November totaled 507.6 million pounds, down
63.3 million pounds from October. Cash prices are lower on the National
Direct morning report. The weighted average price is $44.41, down $0.22
per cwt with a range of $41.00 to $45.145 per cwt. The National Pork
Plant report posted 146 loads selling. With 128 loads cuts and 18 loads
trim. Lean hog index for 12/19 is $54.65, down $0.35 with a projected
two-day index of $53.87, down $0.78.
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