GENERAL COMMENTS:
Upon tuning into Tuesday afternoon's U.S. Meat Export Federation Call, it's safe to say there is a growing need for both U.S. beef and pork products and it looks fruitful for the upcoming 2020 export opportunities. Hog prices are lower on the National Direct Afternoon Hog Report, down $0.73 with a weighted average of $46.08. December corn is down 1 1/2 cents per bushel and December soybean meal is up $0.30. The Dow Jones Industrial Average is up 30.52 points and NASDAQ is up 1.48 points.
LIVE CATTLE:
Initially Tuesday began the day will little motivation and an unwilling attitude to see anything but lower prices, but as the day progressed, live cattle contracts rebounded some from the day's low. Live cattle contracts closed the day mixed. December live cattle closed $0.62 lower at $119.45, February live cattle closed $0.07 higher at $124.67 and April live cattle closed $0.25 higher at $125.82. Cash cattle trade is still at a standstill and will probably wait until sometime Thursday or Friday to really get underway.
Closing boxed beef prices are mixed: choice up $1.24 ($236.05) and select down $0.56 ($209.82) with a movement of 115 loads (60.54 loads of choice, 29.18 loads of select, 5.09 loads of trim and 20.62 loads of ground beef). Tuesday's slaughter is estimated at 119,000 head - 6,000 head more than a week ago, and 3,000 head less than a year ago.
WEDNESDAY'S CASH CATTLE CALL: Steady to $1.00 higher. Given that this week is following in the same path as last week and cash prices are expected to be higher. It's very promising that the live cattle contracts closed mixed Tuesday rather than all lower. Cash trade may wait until later in the week to trade, but when trade does get underway it will most likely be for more money.
FEEDER CATTLE:
On an estimated run of 855 head (up 319 head from the previous week) Billings Livestock Commissions in Billings, Montana, sold feeder steers and heifers steady to firm compared to the previous week. Demand for calves was mostly moderate for light to moderate offerings. Market activity was slow to moderate depending on quality of the stock and at what part of the day they sold.
Early in the day it looked like the feeder cattle market was going to be able to close at least mixed, but the noon hour passed and any support that had surfaced soon vanished. November feeder cattle closed $1.22 lower at $147.85, January feeders closed $0.22 lower at $145.77 and March feeders closed $0.10 lower at $145.20. The CME feeder cattle index 11/04/19: down $0.21 at $146.24.
LEAN HOGS:
Tuesday's lean hog sector was largely stimulated by the announcement that China would be accepting pork and beef imports from Canada. And after hearing Tuesday's U.S. Meat Export Federation Call, one wouldn't think that it could be too much longer until the phase one deal is ironed out with the desperate need China has for more pork imports.
Pork cutouts totaled 392.26 loads with 347.28 loads of pork cuts and 44.98 loads of trim. Pork cutout values: up $0.75 at $79.50. The CME lean hog index 11/01/19: down $1.22 at $60.88.
WEDNESDAY'S CASH HOG CALL: Steady. Given that hopeful chatter continues to circulate the market, and that cutout values are up again, steady may not be a far stretch after all.
 |
| #completeherdhealth |
No comments:
Post a Comment