GENERAL COMMENTS:
Livestock contracts heard the Monday morning bell sound and off they went. Feeder cattle markets broke hard right out of the gate, live cattle contracts fell closely behind and lean hog contracts heated up near closing time. Hog prices are lower on the National Daily Afternoon Hog Report, down $0.03 with a weighted average of $41.78. December corn is up 1 1/4 cents per bushel and December soybean meal is down $0.70. The Dow Jones Industrial Average is up 190.85 points and NASDAQ is up 112.61 points.
LIVE CATTLE:
Holiday weeks are typically tough on livestock markets, but Monday's board seems somewhat eager to blaze trails early this week. December live cattle closed $1.02 higher at $119.70, February live cattle closed $1.30 higher at $125.15 and April live cattle closed $1.05 higher at $125.22. Cash cattle business didn't spark any interest Monday. Packers inquired about cattle, but no bids were placed and no asking prices were set.
Closing boxed beef prices are up: choice up $0.67 ($233.24) and select up $0.59 ($211.91) with a boxed beef movement of 130 loads (73.27 loads of choice, 14.84 loads of select, 20.43 loads of trim and 21.56 load ground beef). Monday's slaughter is estimated at 118,000 head - steady with a week ago, up 4,000 head from a year ago.
TUESDAY'S CASH CATTLE CALL: Steady. If cash cattle trades this week, the best guess is that it will be for steady money. The fact that packers inquired about cattle Monday, but opted not to place bids or act quickly, may be an indication that packers either intend to sit quiet this week or wait things out.
FEEDER CATTLE:
Feeder cattle markets had one heck of a day. Monday's market rallied back almost all of what Friday lost and closed higher in both nearby and deferred contracts. January feeders closed $2.67 higher at $141.95, March feeders closed $2.72 higher at $142.32 and April feeders closed up $2.72 at $143.82.
Last Friday, on an estimated run of 2,780 head (down 223 head from the previous week), Lexington Livestock Market in Lexington, Nebraska, sold steers compared to the previous week under 600 pounds for steady to $3.00 higher and steers 600 to 700 pounds sold for $7.00 lower. Heifers under 500 pounds sold $5.00 higher and heifers 500 to 650 pounds sold for $4.00 lower. Demand was moderate to good from the buyers in the crowd. The CME feeder cattle index 11/22/19: down $0.15 at $145.33.
LEAN HOGS:
Keeping in tune with last week's ending trend of higher board closings, lean hog contracts closed mostly higher again Monday. December lean hogs closed down $0.30 at $60.92, February lean hogs closed $0.10 higher at $67.75 and April lean hogs closed $0.30 higher at $74.00. Pork cutouts totaled 340.82 loads with 305.29 loads of pork cuts and 35.53 loads of trim. Pork cutout values: up $0.94 at $84.01. The CME lean hog index 11/21/19: up $0.22 at $59.76.
TUESDAY'S CASH HOG CALL: Steady. It could be a tough week for hog producers as packers anxiously await a day off this week knowing that their coolers are full and that any extra bump in holiday demand is probably all but used up. A tick higher or a tick lower wouldn't be unusual or crazy to see this week as mainly steady is the best guess for this week's hog prices.
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