GENERAL COMMENTS: Light-to-moderate cattle trading developed in parts of Nebraska, Kansas and Texas Thursday afternoon with live deals marked at $125, fully steady with last week. Dressed business is not well tested with just a few $194 bids noted in the face of $200 asking prices. The national hog carcass base closed $0.85 higher ($43-$50, weighted average, $47.40). March corn broke out of its stubborn trading range Thursday, closing 4 cents higher at $3.79, Firm wheat action and ideas of stronger demand seemed to be the biggest helpers. Note the new S&D tables are due at the end of next week, but the government shutout could make this impossible. Stock traders continued to stew over the possibility of an economic slowdown. The Dow tanked by 660 points and the Nasdaq gave up 202.
LIVE CATTLE: Live cattle issues settled moderately lower, generally 12 to 37 cents lower. New spot Feb closed somewhat in the red despite signs of country cash premiums. Beef cut-outs closed lower with the choice box off $0.15 ($216.49) and its select counterpart down as much as $1.53 ($209.38). Wholesale demand was called light to moderate on moderate to heavy offerings.
FRIDAY'S CASH CATTLE CALL: Steady to $2 higher. Though trade in the South could be done for the week, it would appear the Northern buyers and sellers still have work to do on Friday.
FEEDER CATTLE: Feeder contracts slipped lower by triple digits, pressured by the solid rally in the corn trade. Prices settled $1.02 to $1.50 lower, further checked by the discount of the cash index and long liquidation. CME cash feeder index for 01/02: $146.06, up $1.57.
LEAN HOGS: Lean futures closed the session on a mixed basis with final prices ranging from 50 cents higher to 50 cents lower. Spot Feb was moderately supported by hopes for early year spread and slow bull-spreading interest. Carcass value closed modestly lower with stronger loins and bellies nearly offsetting butt and picnic weakness. The pork cut-out for 01/03 totaled $69.90, off $0.14. (DTN Projected lean index for CME cash lean index for 01/02: $53.25, up $0.17) CME cash lean index for 12/31: $53.08, off $0.15.
FRIDAY'S CASH HOG CALL: Steady to $1 higher. Late-week cash hog bids are expected to be steady/firm as profitable packer work to fund a large Saturday kill.
 |
| #completeherdhealth |
No comments:
Post a Comment