The USDA confirmed early Monday morning that Mexico has bought 120,000 metric tons of corn for 2019-2020 delivery. Consequently, corn contracts are on the upward move and as the days moves along the rest of the livestock complex is starting to warm up too. December corn is up 9 3/4 cents per bushel and December soybean meal is up $4.30. The Dow Jones Industrial Average is up 161.50 points and NASDAQ is up 56.77 points.
LIVE CATTLE
December live cattle opened Monday at $110.525 and are currently trading just shy of that at $110.450. Last week's gains seen on both the board and cash market rallied the countryside and left cattlemen feeling optimistic. Whether or not those gains will stick is unknown as some see the rally as a market correction to the Kansas fire, while other are weary of the overbought market and slowing seasonal demand. Monday's board is showing positive support in deferred contracts, while nearby contracts have mild losses.
Last week in the five-area trading region, fat cattle prices averaged $104.93 securing a $3.01 gain from the previous week.Formula totals for last week were mixed, higher in the South, but lower in Nebraska: Kansas 88,693(up 13,908), Nebraska 58,750(down 6,062), Texas 97,392 (up 8,580). Total trade volume was also mixed, higher in Kansas and Texas but lower in Nebraska: Kansas 99,743(up 9,051), Nebraska 89,850(down 7,195), Texas 101,995 (up 9,342). New showlists appear to be mixed higher in the South, but lower in Nebraska/Colorado.
Boxed beef cutouts are mixed at midday: choice up $0.21 ($212.79) and select is down $0.79 ($189.07). Monday's offering of boxed beef movement totaled 45 loads (21.65 loads of choice cuts, 15.77 loads of select cuts, 0 loads of trim and 7.55 loads of ground beef).
FEEDER CATTLE
Feeder cattle are hesitant to really get the ball rolling Monday morning and contracts have very few interested traders. The October feeder cattle contract opened Monday at $144.30 and has since swayed to $142.50. It wouldn't be unlikely for the week to start off slow and lethargic and then follow suit with whatever the live cattle market decides to do later in the week.
LEAN HOGS
Lean hog contracts have started to heat up with the December contract drawing lots of attention. December lean hogs opened Monday morning at $68.90 and have since scaled to $72.10. Friday's USDA report was worrisome in its increased hog numbers, but with other nations struggling with disease outbreaks and positive trade negotiations being made, the lean hog complex has surged on anyways.
The projected lean hog index for 9/27/19 is $56.43, up $1.09 and the actual lean hog index for 9/26/19 came to $55.34 up $0.62. Prices are up ever so slightly on the National Direct Morning Hog Report, up $0.03 at a weighted average of $48.41, ranging from $47.00 to $50.00 on 6,264 head hold with a five-day rolling average of $47.43. Pork cutouts totaled 115.34 loads, with 101.73 loads of pork cuts and 13.61 loads of trim. Pork cutout values came in $0.96 higher at $74.22.
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