GENERAL
COMMENTS: Between Monday's abbreviated session and the government
shutdown, most closing reports from USDA were not available. New
showlists distributed just before the Christmas break look mixed,
smaller in Texas and Colorado, larger in Kansas, and about steady in
Nebraska. Due to the holiday, the closing national hog base is not
available. Corn futures closed fractionally lower in extremely light
trading. On one hand, outside markets exerted bearish influence while
parts of the federal government remains unfunded. Wall Street continued
to crash big time,
putting in the worst Christmas Eve ever. The Dow
closed 653 points lower with the Nasdaq off 140.
LIVE CATTLE: Closing an hour earlier than normal
linked to the Christmas holiday, live futures settled mostly 7 to 40
cents higher. There wasn't much to talk about in terms of consistent
trading features. Through the balance of the week, traders will be
monitoring the development of a heavy winter storm in the Midwest, which
could cause cattle prices to jump sharply. Closing beef cut-outs were
not available.
WEDNESDAY'S CASH CATTLE CALL: Steady to $1
higher. Cash cattle traders should slowly start to reassemble at midweek
with preliminary bids and asking prices fielded. Significant trade
volume may not surfaced until Thursday or Friday.
FEEDER CATTLE: Business was minimal here as well
with prices finishing moderately higher thanks in part to a general
lack of selling interest. Early settlements ranged from 2 to 65 cents
higher with deferreds outperforming nearbys. CME cash feeder Index for
12/21: NA.
LEAN HOGS: Lean hog futures were no doubt
interested in an outbreak of African swine fever reported in the
Guangdong province of China. Reportedly, this the second outbreak of the
disease reported in the province. Though the further spread of AFS
could result in greater U.S. pork exports to China, such theories didn't
have much currency in Monday's slow trading affair. Closing contracts
closed off 12 to 82 cents. Closing wholesale pork data was not
available. (DTN Projected lean index for CME cash lean index for 12/21:
NA) CME cash lean index for 12/20: $53.87, off $0.78.
WEDNESDAY'S CASH HOG CALL: Steady to $1 lower.
Look for hog buyers to resume procurement chores on Wednesday with
generally defensive cash bids.
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