Most folks dread Mondays, but the livestock complex rolls its eyes and kicks the door while walking into the office every Tuesday. The market is up and trading (barely), it's too early for cash cattle business to get under way and markets just aren't interested in stepping to the plate to bat on Tuesdays typically. This Tuesday market is nothing but exactly that. Despite having a positive Monday market, Tuesday's market couldn't care less whether or not Monday's market closed strong. All three livestock markets are approaching the noon hour somewhat lower, with live cattle only being down slightly with some contracts trying to gain support and the lean hog market being down the most. December corn is down 1/2 cent per bushel and December soybean meal is down $1.50. The Dow Jones Industrial Average is up 3.63 points and NASDAQ is down 27.35 points.
LIVE CATTLE
As more time passes on the live cattle complex, it shows some interest in rallying on nearby contracts. December live cattle are up $0.10 at $116.67, February live cattle are steady at $121.72 and April live cattle are up $0.10 at $123.30. Deferred contracts still aren't ready to wake up and smell the sunshine. There are 433 head of heifers consigned to Wednesday's Fed Cattle Exchange. One pen from Texas, and three pens from Kansas all with one-to-nine-day delivery. Cash cattle trade has yet to develop.
Midday boxed beef cutouts are higher: choice up $3.38 ($231.28) and select up $2.71 ($203.47) with 48 total loads of movement (21.14 loads of choice cuts, 9.49 loads of select cuts, 8.27 loads of trim and 9.32 loads of ground beef).
FEEDER CATTLE
Feeder cattle markets are mostly lower. November feeder cattle are down $0.10 at $145.62, January feeder cattle are up $0.07 at $141.67 and March feeder cattle contracts are down $0.12 at $140.72. Given that it's still too early in the week for exciting cash cattle trade to happen, that the market is immersed with weaned calves at sale barns and that most of cow-calf country has gotten snow the last couple of days -- Tuesday's market doesn't have a lot of cards stacked in its favor. As the week moves on and the fat cattle market has the potential to lock in gains again, the feeder cattle market may be able to muster up strength then.
LEAN HOGS
The lean hog market tumbles into Tuesday opening lower than Monday's close and showing no mercy in nearby contracts. Nearby contracts are down the most, although contracts through the lean hog complex are being pushed lower. December lean hogs are down $1.75 at $63.90, February lean hogs are down $1.77 at $72.20, and the April contract is down $1.20 at $78.70.
The projected lean hog index for 10/28/19 is down $0.61 at $63.51, and the actual lean hog index for 10/25/19 is down $0.97 at $64.12. Prices are lower on the National Direct Morning Hog Report, down $0.73 with a weighted average of $50.87, ranging from $47.00 to $53.16 on 12,915 head sold and a five-day rolling average of $52.88. Pork cutouts totaled 208.27 loads with 189.27 loads of pork cuts and 19.10 loads of trim. Pork cutout values are higher, up $1.13 at $77.16.
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