Too much gain on Monday? Checked out for Thanksgiving? Or slowing down trade progression all seem to be fair questions as the livestock complex spins a different attitude on Tuesday. December corn is down 2 1/4 cents per bushel and December soybean meal is down $3.40. The Dow Jones Industrial Average is up 62.71 points and NASDAQ is up 24.09 points.
LIVE CATTLE
Live cattle markets pull hard to keep some contracts trading higher and at midday are successfully doing so. December live cattle are up $0.05 at $119.75, February live cattle are down $0.12 at $125.02 and April live cattle are up $0.10 at $125.32. More and more attentions gravitates toward the February live cattle contract which is only 25 cents shy of rallying the April board.
Light cattle trade of $117.00 -- $1.00 higher than last week's weighted average, has surfaced in parts of Iowa, along with a few head of dressed cattle for $184 in Iowa as well. Asking prices still sit in the South at $118 to $119 -- $2.00 to $3.00 higher than last week's weighted average. Asking prices in the North range from $188 to $190, $4.00 to $6.00 higher than last week's weighted average.
There is no Fed Cattle Exchange this week due to the Thanksgiving holiday.
Midday boxed beef prices are mixed: choice down $1.07 ($232.17) and select up $1.74 ($213.65) with a light movement of 58 loads (34.25 loads of choice, 9.63 loads of select, 8.26 loads of trim and 6.16 loads of ground beef).
FEEDER CATTLE
Nearby feeder cattle contracts struggle to trade higher Tuesday morning while deferred feeder cattle keep strong gains. January feeders are down $0.77 at $141.20, March feeders are down $0.70 at $141.65 and April feeders are down $0.32 at $143.42. Still keeping well within Monday's trade markets, Tuesday is trading lower for the most part but it's positive to see the market not breaking through Monday's effort of higher prices.
LEAN HOGS
Jumping on the bandwagon of lower prices with weaker cutout values, the lean hog sector struggles both on the board and in the countryside. December lean hogs are down $0.22 at $60.80, February lean hogs are down $0.30 at $67.45 and April lean hogs are down $0.20 at $73.67.
The projected lean hog index for 11/25/19 is down $0.30 at $57.88 and the lean hog index for 11/22/19 came back $1.58 lower at $58.18. Hog prices on the National Direct Morning Hog Report are $0.64 higher with a weighted average of $42.43, ranging from $41.50 to $43.00 on 9,464 head sold and a five-day rolling average of $42.18. Pork cutouts totaled 181.75 loads with 146.07 loads of pork cuts and 35.69 loads of trim. Pork cutout values are $0.87 lower at $83.14.
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