Cattle contracts seem to be sleeping in Friday
morning potentially from an overdose of Thanksgiving goodness all while
lean hog contracts decided that it's time to break up the steady trade
and peak higher. March corn is up 7 3/4 cents per bushel and January
soybean meal is down $2.80. The Dow Jones Industrial Average is down
84.00 points and NASDAQ is down 26.86 points.
LIVE CATTLE
Cattlemen decided that a long weekend was just
what the doctor ordered this week and so they all got busy early this
week and are sipping on coffee a little longer than usual this Friday
morning. The live cattle contracts are all simply watching time pass,
acting lackadaisical in nature and more than anything are checked out.
December live cattle are down $0.40 at $121.02, February live cattle are
down $0.92 at $125.77 and April live cattle are down $0.77 at $126.10.
Cash trade is all but done for the week, where most of the business
transpired on Wednesday. If any trade develops Friday afternoon it will
be clean-up in nature.
Boxed beef prices are lower: choice down $0.04
($232.20) and select down $0.61 ($210.03) with a movement of 34 loads
(14.81 loads of choice, 10.65 loads of select, zero loads of trim and
8.22 loads of ground beef).
FEEDER CATTLE
This week's snow storm is raking havoc on
feedlots and sale barns throughout cattle country. It's one thing to
have snow, it's another thing to have wind, and it's common to have cold
temperatures -- but when you mix all three variables together it makes
for a tough week on feeders and a long week of doctoring sick calves for
pen riders next week. January feeders are down $0.97 at $142.35, March
feeders are down $0.75 at $143.17 and April feeders are down $0.47 at
$145.10.
LEAN HOGS
It's been a good week for lean hog contracts
considering the current circumstance that market is in with the trade
agreements with China. Friday morning the board took the opportunity to
rally while cattle contracts dissipate and are rallying in both nearby
and deferred months. December lean hogs are up $1.37 at $62.05, February
lean hogs are down $0.72 at $67.87 and April lean hogs are up $0.37 at
$74.00.
The lean hog index for 11/16/19 is up $0.72 at
$58.60 and the actual index for 11/25/19 is down $0.30 at $57.88. Hog
prices are $0.10 higher on the National Direct Morning Hog Report, with a
weighted average of $42.99, ranging from $40.00 to $43.65 on 6,240 head
sold and a five-day rolling average of $42.41. Pork cutouts totaled
162.35 loads with 143.71 loads of prok cuts and 18.64 loads of trim.
Pork cutout values are up $2.16 at $82.14.
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