"Upward & Onward," the board shouts as live cattle, feeder cattle and lean hog markets capture gains at the noon hour. December corn is up 3 1/2 cents per bushel and December soybean meal is down $0.10. The Dow Jones Industrial Average is up 6.96 points and NASDAQ is down 11.40 points.
LIVE CATTLE
The December live cattle market nears the $118.00 threshold with a $1.12 rally Wednesday morning. The entire complex has taken the day with storm and is rallying in both nearby and deferred contracts alike. Interest is buying mainly in the December and February contracts as Thursday (tomorrow) the October board expires. It doesn't take much of an expert to realize that this year is not a typical year with surprises and unusual behavior popping up left and right. To add to that list, fat cattle traded early again this week in parts of the South for $112, $2.00 higher than last week's weighted average. Asking prices are mostly at $115 in the South and $180 to $182 in the North. If Wednesday can close on a positive note and not give all ground it gained away on Thursday, you may see feeders doing their happy dance as they could have the potential to sell fats for higher money again this week. A lot will depend on the board's ability to keep its gains and how the next couple of days treat the boxed beef market.
Fed Cattle Exchange listed a total of 433 head of heifers with three lots in Kansas and one lot in Texas. Two lots sold in Kansas at $112, with the third lot bid up to $112.75, but the offer was passed. The lot in Texas was bid up to $112.25, but that offer was passed as well.
Midday boxed beef cutouts are mixed: choice down $0.47 ($230.08) and select up $3.40 ($206.97) with a boxed beef movement of 70 loads (30.50 loads of choice cuts, 15.62 loads of select cuts, 0 loads of trim and 24.01 loads of ground beef).
FEEDER CATTLE
The feeder cattle market moves higher Wednesday and etches toward the resistance plane of $147.00 established in early May. If feeders can negotiate the fat cattle trade strategically this week and claim prices $1.00 to $2.00 higher, the feeder cattle market should be able to rally off of some of the fat cattle market's energy. November feeder cattle are up $0.57 at $146.05, January feeder cattle are up $0.60 at $142.22 with nearby and deferred contracts all rallying at the same progressive pace.
LEAN HOGS
Lean hog contracts weren't getting left in the dust this Wednesday. December lean hogs are up $1.40 at $65.72, February lean hogs are $0.67 at $73.27 as the entire complex rallies with support except for the February 2021 contract. Nearby contracts are gaining more and more support in cumulative volume, but the May 2020 contract can hardly pay anyone enough money to give it some interest.
The projected lean hog index for 10/29/19 is down $0.38 at $63.13, and the actual lean hog index for 10/28/19 is down $0.61 at $63.51. Prices are higher on the National Direct Morning Hog Report, up $0.40 with a weighted average of $51.28, ranging from $47.00 to $52.49 on 5,850 head sold and a five-day rolling average of $52.17. Pork cutouts totaled 186.72 loads with 155.94 loads of pork cuts and 30.78 loads of trim. Pork cutout values are down $0.01 at $76.71.
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