Nearby and deferred contracts are all moving with the same vigor and momentum! As the noon hour approaches, all contracts seem to be gaining more and more positive support. December corn is up 2 3/4 cents per bushel. The Dow Jones is up 32.36 points and the NASDAQ is up 10.40 points.
LIVE CATTLE
October live cattle opened Monday morning at $100.50 and have since then scaled to $101.85. Friday's Cattle on Feed Report is surely fueling the energy found Monday morning. Formula totals for last week were lower in all three major feeding states: Kansas 74,785 (down 15,914), Nebraska 64,812 (down 4,460), Texas 88,812 (down 7,308). Total trade volume came in mixed, higher in Nebraska, but lower in Kansas and Texas: Kansas 90,692 (down 7,840), Nebraska 97,045 (up 6,738), Texas 92,653(down 10,379). New show-lists appear to be mixed, higher in Texas, but lower in Kansas and Nebraska/Colorado.
It's too early in the week for country bids to be surfacing but if Monday's strength continues until closing, there's a greater chance that early bids will have to rally last week's high.
Boxed beef cutouts at midday are down slightly, choice down $0.14 ($216.83) and select down $0.10 ($191.62). Boxed beef movement totaled 52 loads (23.20 loads of choice cuts, 12.83 loads of select cuts, 9.32 loads of trimmings and 6.17 loads of ground beef).
FEEDER CATTLE
As the September 2019 feeder cattle contract nears expiration, October and November contracts see $1.50 to $2.00 gains! Friday's Cattle on Feed Report treated feeder cattle especially well with placement numbers far below 2018 thresholds. It will be interesting to see the next Cattle on Feed Report because with increased fat cattle prices and an incentive from a positive future's board it's likely to see more feeder cattle move this month. October feeder cattle are up $1.72 at $140.92 and November feeder cattle are up $2.30 at $139.32.
LEAN HOGS
Even though the U.S. and China were unable to completely resolve trade tensions last week, the lean hog market welcomes a new week with plenty of optimism. All contracts have positive gains except May 2020 and February 2021, with the largest gain being seen in the December 2019 contract. December lean hogs opened Monday morning at $67.10 and have since then surged to $68.40.
The projected lean hog index for 9/20/19 sit at $55.13, down $0.67 and the actual lean hog index for 9/19/19 came back down $0.52 at $55.80. Pork cutout loads came to 134.02, with 123.32 loads of pork cuts and 10.70 loads of trimmings. Pork cutout values are up $1.11 at $70.26. Prices are down $0.56 on the National Direct Morning Hog Report, at a weighted average of $43.70, ranging from $40.00 to $45.00 on 4,015 head sold, with a five-day rolling average of $44.63.
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