GENERAL COMMENTS:
Thursday morning opened to a scatted and undecisive livestock complex, but as time rolled on and trading closed cattle futures rallied, while corn and lean hog markets couldn't jump on board. December corn closed down 1 3/4 cents per bushel. The Dow Jones Industrial Average is down 79.59 points and NASDAQ is down 46.72 points. The rest of the cash cattle trade will likely take place Friday afternoon, rallying the same gains that Thursday brought forth.
LIVE CATTLE
Futures closed mixed up $0.27 to off $0.15. Thursday morning wasn't promising but low and behold the board closed primarily with gains and the country side took off! Dressed cattle in parts of Nebraska and Iowa took a win Thursday afternoon, selling for $165 -- $3 higher than last week's weighted average. While the rest of cattle country remains quiet, a stronger close and higher cash cattle prices will likely entice the rest of cash cattle to follow suit sometime Friday. Boxed beef cutouts closed mixed: choice down $1.12 ($213.51) and select up $0.56 ($190.39), with moderate demand and offerings (86.95 loads of choice cuts, 25.06 loads of select cuts, 6.60 loads of trim and 16.14 loads of ground beef).
FRIDAY'S CASH CATTLE CALL
Steady. With $3 gains standing in the countryside, it's unlikely that packers will give much more in a week's time, and feedlots won't argue.
FEEDER CATTLE
Futures closed off $0.07 to up $0.65. The feeder cattle market has been the steady token this week, and with a bump in dressed cattle prices, it wouldn't be unlikely to see feeder cattle end the week stronger -- not to mention last week's Cattle on Feed report clearly indicated (with fewer placements moved last month) that there are plenty of cattle feeders to be dispersed this time around. The CME feeder cattle index for 9/25/19 stands at $141.13.
LEAN HOGS
Futures closed predominantly lower, up $0.05 to off $1.22. Nearby contracts suffered more than deferred, but all in all Thursday's close could have been far worse. Pork cutout: up $1.60 at $72.01. The National Daily Afternoon Hog Report closed $0.83 higher, ranging from $42.00 to $52.00 with a weighted average of $48.99. The CME lean hog index for 09/24/2019 came to $54.67. In the case of lean hogs, nearby and deferred contracts opened much better than they settled.
FRIDAY'S CASH HOG CALL
$1 higher. With cutout prices higher, trade deals being made and a disease outbreak in South Korea, domestic lean hog prices are bound for a price bump.
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