Wrapping up the week with midday gains in most
of the livestock sector. Cattle contracts are seeing nearby gains of
$1.72 in October live cattle, and gains of $1.42 in November feeder
cattle. Lean hogs are absorbing some of the energy from cattle contracts
yet are fighting a steady, sideways midday market that has near $1
losses on National Direct Morning Hog Report but gains of $1.56 in
cutout values. December corn is down 1 3/4 cents per bushel. The Dow
Jones Industrial Average is down 8.58 points and NASDAQ is down 45.39
points.
LIVE CATTLE
December live cattle opened Friday at $108.85
and have since surged to $110.05. Earlier the Dow Jones reported that
since live cattle hit the yearly low in September, the December cattle
contract has seen prices rise nearly 9.5%.
Cash trade has been reported in parts of Kansas
and Texas at $103, $2 higher than last week's weighted average. It's
likely to see more sales trickle in throughout the day, though the
precedence has been set in that area. A light to moderate trade took
place in parts of Nebraska and Iowa yesterday with dressed trade at
mostly $165, $3 higher than last week's weighted average basis in
Nebraska. Trade volume totals look a little light in parts of Nebraska
and we need to see a little bit more trade in those parts especially in
the Eastern part of Nebraska. Some asking prices remain firm around $104
to $105 in the South, and $167 to $170 in the North.
Midday boxed beef prices are lower: choice down
$0.25 (213.26), select down $0.61 ($189.78). Boxed beef movement is
slightly lower that Thursday offering 65 loads total (32.29 loads of
choice cuts, 14.93 loads of select cuts, 7.03 loads of trim and 11.22
loads of ground beef).
FEEDER CATTLE
November feeder cattle opened Friday at $143.40
and have climbed to $144.07 since. Nearby and deferred contracts are all
seeing positive gains with the biggest gain being in the November
contract. Supported by live cattle gains on both the cash front and
future's demeanor, feeder cattle contracts are sitting in a good place.
LEAN HOGS
Lean hog contracts, though hesitant, are
reciprocating the energy building in the cattle sector. It's
undetermined where the market will wrap up the week, with positive
influences from both the future's board and cutout values but followed
by close trailing lower National Direct Morning Hog prices that cripple
some of the support strength.
Friday's USDA Quarterly Hogs and Pigs Report is
anticipated by analysts to reveal the following projections: breeding
herd 101.4%, market hogs 103.0%, total inventory 102.8%, June-August pig
crop 102.4%, June-August pigs per litter 103.6%, June-August farrowings
101.6%, September-November farrowing intentions 100.6% and
December-February farrowing intensions 100.5%.
The projected lean hog index for 9/26/19 is
$55.34 up $0.62, and the actual lean hog index for 9/25/19 came out at
$54.72 up $0.05. Prices are $0.98 lower on the National Daily Morning
Hog report with a weighted average of $48.01, ranging from $47.50 to
$49.50, on 3,914 head sold with a five-day rolling average of $46.71.
Pork cutouts totaled 129.94 loads, with 118.22 loads of pork cuts and
11.72 loads of trim. Pork cut values came in $1.56 higher at $73.57.
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