Live cattle, feeder cattle and the lean hog market have all bounced around Monday morning giving the impression that the entire complex's relaxed Monday morning attitude has been absorbed. December corn is up 3 3/4 cents. The Dow Jones is down 168.05 points, and the NASDAQ is down 40.19 points.
LIVE CATTLE:
Monday's live cattle opened at $98.300 and has since then drifted down a tad to $98.275. Overall the live cattle market has seen little action as of midday Monday. Formula totals for last week were higher in all three major feeding states: Kansas 90,699 (up 10,397), Nebraska 69,272 (up 4,654), Texas 96,120 (up 11,949). Total trade volume was also higher in all three major feeding states: Kansas 98,532 (up 6,297), Nebraska 90,307 (up 3,175), Texas 103,032 (up 3,048). New show lists appear to be smaller in all areas. Bids and asking prices have yet to be established and significant trade volume will likely be delayed until the second half of the week.
Boxed beef cut outs at midday are mixed with $0.28 gains on choice ($221.16), and $2.65 losses on select ($195.95). Monday's offering of boxed beef movement has been slightly lighter with 60 loads total (30.92 loads of choice cuts, 14.92 loads of select cuts, 3.64 loads of trimmings and 10.23 loads of ground beef).
FEEDER CATTLE:
Feeder cattle seem to be taking Monday morning's dismal trade the hardest. Nearby and deferred contracts all show red digits as the noon hour approaches. Feeder cattle opened Monday morning at $134.800 and have since then grown slightly to $136.325. Nevertheless, the overall feel of the feeder cattle market come Monday midday is mixed, uncertain, and yet to really be established.
LEAN HOGS:
Lean hogs opened Monday morning at $66.025 and have slid down to $64.550. As traders look for confirmation that China will indeed be lifting tariffs on pork, the market has nowhere but sideways to trade until real action is taken. Nearby contracts read slightly lower, whereas May 2020 through August 2020 looks somewhat optimistic.
The projected lean hog index for 9/13/19 is at $58.48, which is down $1.23, the actual lean hog index for 9/12/19 came out to $59.71, which was down $0.98. Prices are down slightly on the National Direct Morning Hog Report, down $0.51 at weighted average of $44.44, ranging from $44.00-46.00, on 3,034 head sold. Pork cutout values came in $1.62 higher at $69.83. Pork cutout total loads came to 138.62, with 132.03 loads of pork cuts and 6.59 loads of trimmings.
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