Tuesday's trade wasn't a whirlwind by any means, but the day's slow and methodical trade was comfortable and allowed all three livestock markets to close higher. Following last week's bearish trade, a steady market willing to rebuild some positioning is being well received. Hog prices closed higher on the National Direct Afternoon Hog Report, up $2.05 with a weighted average $62.56 on 11,535 head. December corn is down 1 3/4 cents per bushel and December soybean meal is down $5.60. The Dow Jones Industrial Average is down 222.19 points and NASDAQ is up 72.41 points.
LIVE CATTLE:
The live cattle market took Tuesday and mustered up the most support. With cash cattle prices still at a mere standstill and boxed beef prices closing mixed, the market's most significant business for Tuesday was the futures higher close. December live cattle closed $0.65 higher at $104.05, February live cattle closed $0.62 higher at $107.02 and April live cattle closed $1.22 higher at $110.72. Tuesday's slaughter is estimated at 117,000 head, 4,000 head less than a week ago and 4,000 head more than a year ago. Monday's cattle slaughter was revised to 115,000 head.
Boxed beef prices closed mixed: choice down $1.13 ($206.70) and select up $0.18 ($188.67) with a movement of 175 loads (104.81 loads of choice, 25.52 loads of select, 17.21 loads of trim and 27.60 loads of ground beef).
WEDNESDAY'S CASH CATTLE CALL: Steady. It wouldn't be surprising to see cash cattle trade start to develop sometime after Wednesday's Fed Cattle Exchange. If the board will support higher prices, feeders will work to get cattle sold this week for at least steady prices.
FEEDER CATTLE:
Feeder cattle contracts closed fully higher, though they didn't close as high as what the day had traded for earlier. November feeders closed $1.72 higher at $132.30, January feeders closed $1.65 higher at $128.42 and March feeders closed $1.60 higher at $128.05. Helping spark some support for the feeder cattle contracts is simply traders' willingness to jump back into the market and actively trade, along with the corn market's slight regression. At Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to a week ago, steer and heifers traded mostly $3.00 to $5.00 lower on a limited offering. The area was swept with a cold front that made shipping cattle difficult for this week's sale. The CME feeder cattle index for Oct. 26: down $0.06, $133.64.
LEAN HOGS:
Other than the spot December contract, the lean hog market closed cautiously higher. Helping aid the market along was the industry's stronger cash hog trade, which was over $2.00 higher on more than $11,000 head. December lean hogs closed $0.10 lower at $67.65, February lean hogs closed $0.40 higher at $68.05 and April lean hogs closed $0.30 higher at $70.37.
Pork cutouts total 444.39 loads with 399.34 loads of pork cuts and 45.05 loads of trim. Pork cutout values: down $3.03, $88.83. Tuesday's slaughter is estimated at 492,000 head, 4,000 head more than a week ago and steady with a year ago. Monday's hog slaughter was revised to 487,000 head. The CME lean hog index for Oct. 23: down $0.37, $78.17.
WEDNESDAY'S CASH HOG CALL: Steady to somewhat higher. The cash hog market has been pulling some attention and packers are willing to up their bids and get hogs committed. Following two days of stronger trade, Wednesday's business could support higher prices if the board cooperates, as packers are vigorous about processing right now.
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