GENERAL COMMENTS:
Tuesday morning livestock contracts were crying, whining and complaining about lower prices and because the last two months (in cattle contracts) has treated everyone so well, the taste of lower prices on the board takes some getting used to. Hog prices on the National Direct Afternoon Hog Report closed higher, up $0.17 with a weighted average of $42.31. December corn is up 2 1/4 cents per bushel and December soybean meal is up $0.80. The Dow Jones Industrial Average is down 102.20 points and NASDAQ is up 20.72 points.
LIVE CATTLE:
Well done live cattle, well done. Closing the day primarily mixed gives bull-spreaders a day or so more of hope, but knowing that Friday's Cattle on Feeder Report is to come out with lavish placements will surely take a toll on both the countryside's and board's morale. December live cattle closed $0.07 higher at $118.77, February live cattle closed $0.05 lower at $125.05 and April live cattle closed $0.22 lower at $126.17. It wouldn't be unlikely to see the board trade sideways until Friday, at which point the Cattle on Feed Report will have probably crept far enough into the market to lead Friday's close lower and cash cattle prices steady at best.
Closing boxed-beef prices are lower: choice down $0.11 ($239.01) and select down $0.12 ($215.47) with a movement of 120 loads (85.79 loads of choice, 16.63 loads of select, 6.34 loads of trim and 11.54 loads of ground beef). Tuesday's slaughter is estimated at 118,000 head - down 1,000 head from a week ago and down 4,000 head from a year ago.
WEDNESDAY'S CASH CATTLE CALL: Steady. Whenever a Cattle on Feed Report comes out -- whether bullish or bearish -- there's always an underlying sense of panic that floats around the marketplace, mostly the countryside. And given that this report is expected to be huge in placement figures, cash cattle prices may get the runaround. Regardless of what the report does or doesn't show, a couple of things remain unchanged. First, packers are hungry for cattle as retail prices continue to pad their pockets. And secondly, shows lists for the week are lighter making bidding a little more prevalent.
FEEDER CATTLE:
The feeder cattle closed the day mixed, mostly lower in nearby contracts and higher in deferred. November feeders closed $0.22 higher at $146.60, January feeders closed $0.45 lower at $144.02 and March feeders closed $0.25 lower at $144.47. As more and more time goes on, it's becoming apparent that this week is taking shape to trade mostly sideways from last Friday's close.
On an estimated run of 13,355 head (up 5,149 head from the previous week), Oklahoma National Stockyards in Oklahoma City, Oklahoma, sold feeder steers and heifers steady to $2.00 lower. Steer calves sold $1.00 to $4.00 higher and heifer calves traded unevenly steady. Demand was noted as good, but comfortable temperatures coupled with drought-like conditions in some parts of the area had many producers trading cattle. The CME feeder cattle index 11/18/19: down $0.15 at $146.54.
LEAN HOGS:
The lean hog sector may not have complained enough and didn't close as merrily as the cattle contracts. Still, lean hog contracts closed mixed, but more contracts leaned toward the lower trade. December lean hogs closed $0.60 lower at $62.15, February lean hogs closed $.60 lower at $69.62 and April lean hogs closed $0.60 lower at $75.75.
Pork cutouts totaled 400.43 loads with 371.07 loads of pork cuts and 29.36 loads of trim. Pork cutout values: down $4.47 at $84.67. The CME lean hog index 11/15/19: down $0.27 at $59.24.
WEDNESDAY'S CASH HOG CALL: Steady to $1.00 lower. The simple weighing of supply versus demand unfortunately is against U.S. hog producers. First, there's too much domestic supply without an export opportunity and secondly, the export opportunity isn't available yet.
 |
| #completecalfcare |
No comments:
Post a Comment