The market may be closed Thursday, but the livestock complex refuses to waste anytime before that. Rallying higher in all three sectors, and even trading higher cash hog prices is a good way to prep for the holiday. Live cattle have yet to really set a tone for this week. If they are to trade cattle, this week it will probably late this afternoon. December corn is down 2 3/4 cents per bushel and January soybean meal is down $0.00. The Dow Jones Industrial Average is down 1.86 points and NASDAQ is up 47.08 points.
LIVE CATTLE
Another successful, positive morning for live cattle contracts as the board pushes higher despite it being a holiday week. December live cattle are up $1.05 at $121.45, February live cattle are up $0.95 at $126.62 and April live cattle are up $0.80 at $126.90. Packers are starting to test the water, placing bids on cattle in Texas and Kansas at $115 where asking prices sit at $118 or better. If trade is to happen it will probably take place later Wednesday afternoon.
Boxed beef cutout values are mixed: choice up $0.74 ($232.58) and select down $1.23 ($211.06) with a morning movement of 66 loads (30.71 loads of choice, 11.81 loads of select, 4.41 loads of trim and 19.27 loads of ground beef).
FEEDER CATTLE
Feeder cattle contracts take the lead Wednesday morning pushing the highest gains in the livestock realm. January feeders are up $1.62 at $143.25, March feeders are up $1.47 at $143.70 and April feeders are up $1.22 at $145.27. It wouldn't have been surprising to see cattle contracts depressed with the snow storm that's glazing over feedlot country. Knowing that cattle are going to consume more feed to capture little gain, and that trucking becomes increasingly harder in nasty weather adds another headache to cattle producer's list.
LEAN HOGS
Aggressive kills, a mixed board and stronger cash prices are a nice change of pace for pork producers. December lean hogs are up $0.20 at $61.02, February lean hogs are down $0.20 at $67.62 and April lean hogs are down $0.22 at $74.12. Nearby contracts are having a tough time finding support, but contracts further deferred seem to be rallying modestly. A lot of the nearby contract's struggle could be coming from the never-ending uncertainty surrounding the trade agreement with China.
The projected lean hog index for 11/26/19 is up $0.72 at $58.60, and the actual for 11/25/19 is down $0.30 at $57.88. Hog prices are higher on the National Direct Morning Hog Report, up $0.47 with a weighted average of $42.92, ranging from $40.00 to $43.65 on 4,131 head sold and a five-day rolling average of $42.20. Pork cutouts totaled 240.33 loads with 207.20 loads of pork cuts and 33.13 loads of trim. Pork cutout values are $1.93 lower at $80.33.
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