Annie bar the door because the livestock market doesn't know if Wednesday's rally was too much, about right or where Thursday's trade needs to stabilize at. If markets can stay within Wednesday's means, then day could be seen as a success. If markets close on the upper end of the spectrum, bulls will party and bears will cuss. If the markets close at Wednesday's low or lower, bulls with pout and bears will remind everyone that this correct was well announced. December corn is down 3 1/2 cents per bushel and December soybean meal is up $0.20. The Dow Jones Industrial Average is down 213.50 points and NASDAQ is down 33.54 points.
LIVE CATTLE
December live cattle are down $1.20 at $117.10, February live cattle are down $0.90 and the rest of the complex follows in the same pursuit not knowing whether or not Wednesday's rally was a good thing or not. Given the fact that the live cattle market is trading safely within Wednesday's parameters gives some sort of a bullish feel. The true knowing if Wednesday's rally was a success or flop won't probably be known until Thursday's close and then reassured again on Friday.
Packers are waiting patiently to see how Thursday's board pans out to see what countryside psychology can be played this go around. Thursday morning has been quiet so far and it wouldn't be surprising to see the large majority of trade wait until sometime Friday to really get underway.
Tuesday's slaughter was revised to 113,000 head (4,000 head lower than anticipated). With Wednesday's kill that puts the week at 348,000 head. In order to reach the week's expected harvest of 650,000 head, Saturday's kill will have to larger than initially assumed.
Midday boxed beef cutouts are mixed: choice up $1.62 ($231.67) and select down $0.18 ($206.49) with a movement of 62 total loads (31.30 loads of choice, 17.24 loads of select, zero loads of trim and 13.66 loads of ground beef).
FEEDER CATTLE
Feeder markets are holding onto Wednesday's rally better than the live cattle market is. November feeder cattle are down $1.00 at $146.87, January feeder cattle are down $1.10 at $143.70 and the rest of the complex is down merely the same. Perhaps roles will shift this time around and the feeder cattle markets levelness will seep into the live cattle market.
LEAN HOGS
Oddly enough, the lean hog sector is the only market showing signs of support Thursday morning. Deferred contracts rally anywhere from $0.20 to $0.50, while nearby contracts suffer like the rest of the livestock market. December lean hogs are down $0.47 at $65.30 and February lean hogs are down $0.32 at $72.95. U.S. pork exports are up 327,200 metric tons in 2019 compared to the 2018 calendar year. Exports to China (up 219,500mt) and Mexico (up 95,600mt) have been the biggest markets this year.
The project lean hog index for 10/30/19 is down $0.39 at $62.74, and the actual lean hog index for 10/29/19 came to $63.13 down $0.38. Prices are up on the National Direct Morning Hog Report, up $0.28 with a weighted average of $49.71, ranging from $46.00 to $51.14 on 4,302 hogs sold and a five-day rolling average of $51.41. Pork cutouts totaled 163.39 loads with 141.21 loads of pork cuts and 22.18 loads of trim. Pork cutout values are up $1.99 at $77.43.
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