GENERAL COMMENTS:
Christmas may be Wednesday, but don't check out
for the week completely as fat cattle have yet to sell and feeders are
pushing for higher prices. February live cattle are up $0.15 at
$125.825, January feeder cattle are up $0.05 at $143.575, February lean
hogs are up $0.45 at $70.7, March corn is down 1/2 cent per bushel and
March soybean meal is up $0.40. The Dow Jones Industrial Average is down
36.08 points and NASDAQ is up 7.23 points.
LIVE CATTLE:
It felt as though on Monday packers were going
to be aggressive and try to get their work done for the week early, but
as more time has passed by, packers and feeders have sat quiet. Seeing
that cash cattle have yet to trade for the week, it's very likely that
the anticipated higher cash market will be hunted. As the market enters
into the first quarter, feeders know that readily available fat cattle
supplies are at their lowest, and with the vigorous slaughter the market
has been pushing for, that's going to hold true through 2020. December
live cattle closed $0.25 higher at $122.65, February live cattle closed
$0.15 higher at $125.82 and April live cattle closed $0.15 higher at
$126.80.
FEEDER CATTLE:
Closing the day partly mixed, feeder cattle
contracts were able to close somewhat higher before the Christmas
holiday. January feeder cattle closed $0.05 higher at $143.57, March
feeders closed $0.05 lower at $143.67 and April feeders closed $0.05
higher at $146.00. Though the board pulled slightly higher, it's most
accurate to say prices are dancing around both sides of steady until the
market really begins to trade again.
LEAN HOGS:
Closing the day highest for the livestock
sector, lean hog contracts are anxious for the new year. Contracts
posted steady gains anywhere from up $0.07 to $0.60 stronger. February
lean hogs closed $0.45 higher at $70.7, April lean hogs closed $0.45
higher at $78.00 and May lean hogs closed $0.60 higher at $84.50. As
time keeps ticking closer and closer to the new year, lean hog contracts
are steady, ready to trade when the time arises.
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