Livestock markets are split this morning with lean hog contracts unable to keep most of Tuesday's rally, and cattle contracts finding midday support.
December corn is down 2 1/4 cents per bushel and December soybean meal is down $2.20. The Dow Jones Industrial Average is up 1.18 points and NASDAQ is down 22.21 points.
LIVE CATTLE
Cattle contracts have shaken the Tuesday blues and are eager to capture gains now. At the earliest, sometime Wednesday cash cattle bids start to surface, and the board is performing very well in both live cattle and feeder cattle contracts. If the board can close with the same energy it possesses, good things may be in store for cash cattle trade again this week. Live cattle contracts are raining $0.12 to $0.77 higher on all contracts except February and April 2020, which are both down 7 cents. December live cattle are up $0.10 at $113.55.
The Fed Cattle Exchange Auction today had a total of 768 head listed with three lots for Kansas and one lot each for Texas and Nebraska. Asking prices were at $111, but there were no takers again this week. Bids are still scarce in the countryside with just one bid of $172 being placed in Nebraska. Packers may wait to see how the board closes today before they get stuck paying prematurely higher prices this week.
Midday boxed beef prices are up: choice up $0.98 ($219.00) and select up $0.88 ($192.36). Wednesday's offering of boxed beef movement presents 97 loads total (42.98 loads of choice cuts, 18.57 loads of select cuts, 12.87 lots of trim and 22.55 loads of ground beef).
FEEDER CATTLE
October feeder cattle are up $0.50 at $145.50 and November feeder cattle are down $0.10 at $145.97. Feeder cattle markets opened steady with Tuesday's close but have since rallied support and are projecting gains of $0.27 to $0.42 in deferred contracts. Bouncing largely off the energy in the live cattle market, feeder cattle contracts are performing well, better than expected near the noon hour.
LEAN HOGS
Unable to keep most of Tuesday's gains, the lean hog market is retracking. With uncertainly still looming around the Phase One trade deal and lower cutout values, it would be hard to rally much of a gain unless something were to turn around after the noon hour on Wednesday. December lean hogs are down $2.40 at $69.72, with most of the board ranging $0.12 to $2.45 lower. May 2020 is the only contract securing gains: up $0.15.
The projected lean hog index for 10/15/19 is up $1.02 at $63.94, and the actual lean hog index for 10/14/19 came to $62.92 up $0.81. Prices are down on the National Direct Morning Hog Report, down $1.17 with a weighted average of $58.05, ranging from $54.00 to $61.00 on 7,572 head sold and a five-day rolling average of $57.16. Pork cutouts totaled 203.97 loads with 180.36 loads of pork cuts and 23.61 loads of trim. Pork cutout values are down $1.05 at $77.01.
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