Friday Midday Livestock Market Summary - Livestock Contracts Unable to Muster Support

 General Comments

Support seems to be even harder to come by as the day progressed for all of the livestock contracts. The lean hog complex was the only livestock contract trading higher but as the day moves closer to the afternoon's close trader's interest dwindles. Another six cases of ASF were confirmed in Germany, pushing the country's total to 46 confirmed cases all of which were in wild boars. December corn is down 1 1/2 cents per bushel and December soybean meal is up $4.70. The Dow Jones Industrial Average is down 11.28 points and NASDAQ is down 174.81 points.

LIVE CATTLE

Live cattle contracts are trending lower into the week's close as the week's business seems to be wrapped up. October live cattle are down $0.32 at $108.20, December live cattle are down $0.77 at $111.05 and February live cattle are down $0.75 at $114.72. The week's movement of boxed beef loads has lessened but prices continue to creep higher, hopefully adding long term incentive for packers to keep processing speeds elevated. The countryside is mostly quiet with bids of $107 still offered in Kansas and Texas, but feeders have yet to take the offer.

Boxed beef prices are higher: choice up $1.17 ($220.15) and select up $0.43 ($208.05) with a movement of 68 loads (34.18 loads of choice, 9.72 loads of select, 6.44 loads of trim and 17.92 loads of ground beef).

FEEDER CATTLE

The feeder cattle complex is left trailing lower in the Friday's afternoon trade as the cattle contracts are unable to lure trader support. October feeders are down $0.90 at $140.02, November feeders are down $1.22 at $140.02 and January feeders are down $1.65 at $137.90. Even though the corn market is scaling lower and feedlots were able to move the cash market higher this week, traders simply seem unwilling to step into the marketplace before the week's close.

LEAN HOGS

The lean hog market was optimistic Friday morning trading upward of $1.00 stronger in nearby contracts until the noon hour approached and support lessened. October lean hogs are up $0.32 at $74.47, December lean hogs are down $0.15 at $62.70 and February lean hogs are down $0.05 at $67.82. News of another six cases of ASF were confirmed in Germany, which pushed the country's total to 46 cases, all of which were in wild boars.

The projected lean hog index for 9/30/2020 is up $0.20 at $76.74 and the actual index for 9/29/2020 is up $0.63 at $76.54. Hog prices are lower on the National Direct Morning Hog Report, down $0.73 with a weighted average of $63.68, ranging from $59.00 to $66.50 on 3,835 head and a five-day rolling average of $63.74. Pork cutouts total 213.37 loads with 194.46 loads of pork cuts and 18.90 loads of trim. Pork cutout values: down $1.76, $93.89.