Monday Closing Livestock Market Summary - Cattle Futures Close Moderately Lower, Indifferent to Cash News

GENERAL COMMENTS:

Cattle buyers limited early week efforts to the distribution of new showlists. The early month offering looks generally larger (especially in Texas) with only Kansas showing fewer ready steers and heifers. According to the closing report, the national hog base is $0.26 lower compared with the Prior Day settlement ($45-$50.55, weighted average $49.50). Corn futures settled 4 cents plus higher, supported by solid export sales and stronger bean sales. The stock market closed higher with the Dow up 287 points and the Nasdaq positive by 110.

LIVE CATTLE:

Ignoring firm packer spending on Friday, live contracts remained below the country trade by closing on a mixed basis. Spot December settled at $116.67, off 5 cents. The late-year basis is running approximately a buck below feedlot cash. Beef cut-outs closed mixed with the choice up $0.47 ($213.08) and select up $0.77 ($199.18). Box demand was called moderate to fairly good with heavy offerings.

TUESDAY'S CASH CATTLE CALL:

Steady. Look for a typically slow Tuesday with cattle buyers and sellers keeping to themselves without many thoughts regarding bids or asking prices.

FEEDER CATTLE:

Feeder issues closed under pressure, checked by both cautious action in deferred live issues and early week strength in the corn market. The front end of the market settled 72 cents to $1.40 lower. On an estimated run of 12,000 head (up from 9,477 last week and 8,938), Oklahoma City sold feeder steers $1-%5 lower. CME cash feeder Index for 11/30: $147.92 up $0.79.

LEAN HOGS:

Lean issues opened momentarily higher, but the good times didn't have much of a shelf life. You would have thought that hog bulls would have enthusiastically embraced more promising relations between the U.S. and China, but such a party really never got off the ground with contracts closing up 15 to off 65 cents. Carcass value closed significantly higher, supported by stronger demand for all primals (especially the belly) except the picnic. The cut-out totaled $69.12, up $1.53. (DTN Projected lean index for CME cash lean index for 11/30: $56.36, off $0.06) CME cash lean index for 11/29: $56.42, off $0.14.

TUESDAY'S CASH HOG CALL:

Steady/firm. Hog buyers are likely to resume work in the morning with steady/firm bids.

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