Tuesday Closing Livestock Market Summary - Livestock Markets Don't Seem to Like Tuesdays

GENERAL COMMENTS:

When it comes down to it, livestock markets typically don't perform well on Tuesdays, just like most of the workforce dreads Mondays. Tuesday's market didn't squander all of Monday's gains in the live cattle and feeder cattle markets, but the lean hog sector did struggle. Prices are down on the National Direct Afternoon Hog Report, down $0.48 with a weighted average of $51.12. December corn is up 2 1/4 cents per bushel and December soybean meal is down $1.00. The Dow Jones Industrial Average is down 19.30 points and NASDAQ is down 49.14 points.

LIVE CATTLE:

Nearby live cattle contracts warmed up after the noon hour and successfully continued into the closing hour when the live cattle market closed predominately mixed. Nearby contracts up $0.10 to $0.32, while deferred contracts are down $0.07 to $0.40. December live cattle are up $0.22 at $116.82, February live cattle are up $0.25 at $121.97 and the April board (posting the highest prices) is up $0.32 at $123.52. The near expiring October contract closed Tuesday at $113.35 and the market hasn't been that high since early May. Scattered bids have started to float around in Texas, bids of $110.00 have been placed in Nebraska and asking prices are mostly at $115.00.

Closing boxed beef prices are higher again: choice up $2.65 ($230.55) and select is up $2.81 ($203.57) with a total boxed beef movement of 108 loads (54.44 loads of choice cuts, 22.61 loads of select cuts, 12.33 loads of trim and 18.70 loads of ground beef). Tuesday's slaughter totaled 117,000 head - down 2,000 head from both a week and year ago.

WEDNESDAY'S CASH CATTLE CALL: $1.00 to $2.00 higher. With boxed beef prices roaring, packers are going to want to keep processing speeds as energetic as possible and get as many cattle processed while demand remains.

FEEDER CATTLE:

Feeder cattle contracts closed mostly lower, though the November contract was able to trade within Monday's means and closed near Monday's open. November feeder cattle are down $0.25 at $145.47 and January feeder cattle are steady at $141.60. On an estimated run of 6,108 head (up 449 head from the previous week) Joplin Regional Stockyards in Carthage, Missouri sold feeder steers and heifers steady to $4.00 lower, and yearlings steady to $2.00 lower. The CME feeder cattle index 10/28/19: $144.83, up $0.48.

LEAN HOGS:

The lean hog complex couldn't stay as spry as other markets were able to on Tuesday. Giving up anywhere from $0.05 to $1.35, lean hog markets closed lower. Being pressured by huge supply, beef products taking the limelight at retail, and having little to no insight to nearby export potential -- it's easy to see why hog markets are feeling the pinch. Pork cutouts for the day totaled 411.25 loads with 350.54 loads of pork cuts and 60.72 loads of trim. Pork cutout values: up $0.69 at $76.72. The CME lean hog index 10/25/19: down $0.97 at $64.12.

WEDNESDAY'S CASH HOG CALL: $1.00 lower. With packer's margins getting smaller in the hog sector, there's little chance that higher prices are in store for cash hogs with supply booming out of every barn.

#completeforageprogram