Rallying into the home stretch of the week, the livestock complex carries its momentum into the afternoon. Other than some stark resistance that is plaguing the nearby lean hog contracts, the entire livestock sector is trading higher. The cash cattle market hasn't been active as feedlots are adamant about getting $109 to $110, and packers aren't that in need of cattle. December corn is down 2 cents per bushel and December soybean meal is down $5.00. The Dow Jones Industrial Average is down 70.10 points and NASDAQ is down 27.10 points.
LIVE CATTLE
Even with a slight regression in the select cuts, the live cattle market is scaling higher as the complex has been fueled this week by stronger boxed beef prices and strengthening cash cattle prices. December live cattle are up $0.30 at $108.65, February live cattle are up $0.62 at $112.07 and April live cattle are up $0.72 at $116.02. The morning's cash cattle trade has been mostly idle as the week's business is most wrapped up other than some clean-up trade that could develop. There was a small sampling of cattle trade in Nebraska Friday morning for $167 with delivery for the week of 11/23/2020, and Iowa has seen bids renewed from $106 to $108.
Boxed beef prices are mixed: choice up $0.76 ($213.31) and select down $1.21 ($197.76) with a movement of 68 loads (35.83 loads of choice, 13.65 loads of select, 12.90 loads of trim and 5.95 loads of ground beef).
FEEDER CATTLE
Heading into the afternoon the feeder cattle market is trading modestly higher as corn prices fight some resistance. November feeder cattle are up $0.22 at $137.80, January feeder cattle are up $0.50 at $135.90 and March feeders are up $0.27 at $135.02. As the live cattle market has scaled higher throughout the week, the feeder cattle market is being fueled by the optimism throughout the cattle complex as cash cattle trade higher, the futures market is supported and the corn contracts are holding steady at this point in the day.
LEAN HOGS
The lean hog complex rallied throughout Thursday's trade but as the market is still pressured to trade lower; away from resistance, Friday's trade has pushed nearby contracts lower. December lean hogs are down $2.45 at $64.97, February lean hogs are down $1.02 at $67.45 and April lean hogs are down $0.15 at $70.37. As the day grows closer and closer to wrapping up the week, it wouldn't be surprising to see trade grow less and less interested as the market is correcting.
The projected lean hog index for 11/5/2020 is down $0.40 at $71.12, and the actual index for 11/4/2020 is down $0.53 at $71.52. Hog prices are lower on the National Direct Morning Hog Report, down $0.53 with a weighed average of $60.60, ranging from $56.00 to $62.67 on 3,848 head and a five-day rolling average of $60.03. Pork cutouts total 223.93 loads with 197.50 loads of pork cuts and 26.43 loads of trim. Pork cutout values: down $1.09, $85.29.
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