Cattle contracts hit the noon hour with long
faces and little positivity, especially in the feeder cattle sector;
meanwhile, lean hog contracts hold the middle ground pressing some
contracts higher and other lower.
December corn is up 1/2 cent per bushel and
December soybean meal is down $2.00. The Dow Jones Industrial Average is
up 79.06 points and NASDAQ is up 4.44 points.
LIVE CATTLE
Live cattle contracts have been able to hold the
boat steady this week keeping most of the trade with minimal
gains/losses. Live cattle contracts have felt some of the same pressure
feeder cattle contracts have subsided to and are trading at the lowest
prices the week has seen. December live cattle are down $0.97 at
$118.35, February feeder cattle are down $1.60 at $123.45 and April
feeders are down $2.07 at $123.70. Given that there hasn't been any more
cash cattle trade since Thursday evening, if there are to be any more
cattle trade it will probably be late after the unveiling of the COF
report. Asking prices for cattle left on show lists are around $117 to
$118 in the South, and $188 plus in the North.
Midday boxed beef prices are lower: choice down
$1.03 ($233.83) and select down $0.92 ($212.94) with a movement of 61
loads (28.12 loads of choice, 9.13 loads of select, 14.20 loads of trim
and 9.09 loads of ground beef).
FEEDER CATTLE
A tough, tough day on the charts for the feeder
cattle market as the November contract expired Thursday and the market
looks to the January 2020 contract for insight. January feeders are down
$3.80 at $138.80, March feeders are down $3.55 at $139.25 and April
feeders are down $3.40 at $140.70. Feeling pressured from the bounty of
calves in the countryside, to the switch of spot contracts, it wouldn't
be unlikely for feeders to close the week in the low trading marks the
market is etching currently.
LEAN HOGS
It's been a wild week for the hog market in the
essence that new headlines pop up almost every day either promising that
trade agreements are making progress and stepping forward or are
adversely stepping back and not knowing when the signing of a deal may
be reached. Nevertheless, since Wednesday the lean hog market has pulled
some strings and traded slightly higher. December lean hogs are up
$0.75 at $61.40, February lean hogs are down $0.07 at $67.37, and April
lean hogs are down $0.35 at $73.75.
The projected lean hog index for 11/20/19 is
down $0.04 at $59.54, and the actual index for 11/19/19 came back up
$0.29 at $59.58. Hog prices are lower on the National Direct Morning Hog
Report, down $0.67 with a weighted average of $41.90, ranging from
$40.00 to $43.03 on 9,771 head and a five-day rolling average of $42.17.
Pork cutouts totaled 177.93 loads with 161.50 loads of pork cuts and
16.42 loads of trim. Pork cutout values are up $2.46 at $83.93.
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