Seeming to be unshaken from Friday's Cattle on Feed Report, cattle contracts push higher and significantly higher in feeder cattle contracts. Monday's uncertainty surrounding the Phase One trade agreement hasn't thrown any friendly bones to the lean hog market, and the market continues to trade lower Monday morning. December corn is up 1 cent per bushel and December soybean meal is up $0.30. The Dow Jones Industrial Average is up 115.80 points and NASDAQ is up 98.77 points.
LIVE CATTLE
Live cattle markets are taking Monday with stride and shake off any bearish thought about Friday's Cattle on Feed Report and continue to rally behind feeder cattle gains. December live cattle are up $1.15 at $119.82, February live cattle are up $1.47 at $125.32 and April live cattle are up $1.17 at $125.35. Cash cattle trade will most likely take place early this week given that most of the market place will be checked out for the Thanksgiving holiday on Thursday and Friday.
According to the Friday afternoon mandatory reports weekly trade volumes were as follows: Kansas 17,263; Nebraska 31,873; Texas 5,829; Colorado not available due to confidentiality; Iowa 27,481. This week's estimated show lists are mostly higher: Texas 90,467 (down 1,417), Kansas 87,392 (up 6,295), and Nebraska/Colorado 63,429 (up 2,130).
Boxed beef cutouts are mixed: choice up $1.24 ($233.81) and select down $0.19 ($211.13) with a movement of 70 loads (39.83 loads of choice, 9.02 loads of select, 16.36 loads of trim and 4.53 loads of ground beef).
FEEDER CATTLE
Goodbye Friday negativity, hello Monday prosperity! Feeder cattle markets though unexpected to hold positivity in sale barns prices this week, are kicking Friday's downward trade to the curb and taking massive gains upward. January feeder cattle are up $3.85 at $143.12, March feeders are up $3.65 at $143.25, and April feeders are up $3.55 at $144.65. Given that Monday is taking colossal strides higher, it wouldn't be unlikely to see Monday's close somewhere in the middle of the day's trade to moderate such gains.
LEAN HOGS
Pork producers are surefire ready for a holiday break and hope that the last couple of months of 2019 can come and go so that 2020 can bring a better flare of luck. Depressed by negative chatter about the Phase One trade agreement and lavish supply, hog contracts trade lower Monday morning. December lean hogs are down $0.32 at $60.90, February lean hogs are down $0.47 at $67.17 and April lean hogs are down $0.55 at $73.15.
The projected lean hog index for 11/22/19 is down $1.58 at $58.18, and the actual index for 11/21/19 is up $0.22 at $59.76. Hog prices are higher on the National Direct Morning Hog Report, up $0.04 with a weighted average of $41.85, ranging from $40.00 to $43.00 on 10,450 head sold and a five-day rolling average of $42.12. Pork cutouts totaled 156.29 loads with 137.53 loads of pork cuts and 18.76 loads of trim. Pork cutout values are up $1.88 at $84.95.
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