Tick-tock, tick-tock goes Thursday's time as the livestock complex twiddles its thumbs and has yet to really do anything, other than continuing to lose ground in the lean hog market. December corn is down 1/2 cent per bushel and December soybean meal is down $1.80. The Dow Jones Industrial Average is down 80.09 points and NASDAQ is up 42.78 points.
LIVE CATTLE
Live cattle contracts are mixed, nearby contracts steady to higher, while deferred contracts are lower. December live cattle are up $0.12 at $115.37 and February live cattle are up $0.05 at $120.47.
Light trade is being reported in parts of the South at $110, $2.00 higher than last week's weighted average. Asking prices are around $110 plus in the South, and $178 plus in the North. Some steers in Nebraska have been bought live at $110.00, and dressed steers are being bid at $172 to $173. Some very light scattered trade was reported yesterday with Southern live trades at $109, $1.00 higher than last week's weighted average. Northern dressed cattle were at $174, about steady with last week's weighted average.
This week's cash cattle trade is strange. Rarely does it happen that cattle in the South are traded for the same prices as cattle in the North during this time of the year. Eagerness in the South could be stimulated by the reopening of the Cargill plant or is it that Friday's Cattle on Feed Report is more bullish that we expect, and packers don't want to get caught paying even more money Friday afternoon?
Midday boxed beef prices are mixed: choice up $1.21 ($224.49) and select is down $0.29 ($198.65). Thursday's midday movement of boxed beef totals 61 loads (39.05 loads of choice cuts, 9.80 loads of select cuts, zero loads of trim and 12.18 loads of ground beef).
FEEDER CATTLE
After capturing Thursday's gains, the feeder cattle market seems to be taking a rest and hanging its hat steady on Thursday's close. All in all, it's not a bad thing for the market to slow its pace and take a day of sideways trade. It wouldn't be unlikely to see the feeder cattle market stay within Thursday's constraint until the fat cattle market picks a direct and the Cattle on Feed Report comes out. November live cattle are down $0.02 at $144.72, and January feeder cattle are down $0.27 at $140.92.
LEAN HOGS
This week has beat up the lean hog market. Dropping lower again Thursday, the entire board reads red for the lean hog sector. December lean hogs are down $1.65 at $64.17, and February lean hogs are down $1.95 at $73.15.
The projected lean hog index for 10/23/19 is down $0.23 at $65.49, and the actual lean hog index for 10/22/19 came to $65.72 up $0.25. Prices are down on the National Direct Morning Hog Report, down $1.04 with a weighted average of $54.19, ranging from $52.00 to $56.00 on 7,205 head sold and a five-day rolling average of $55.89. Pork cutouts totaled 170.81 loads with 155.59 loads of pork cuts and 15.22 loads of trim. Pork cutout values are up $0.30.
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