Monday was mostly lackadaisical in its trade as the market is anxiously waiting Tuesday's election to hopefully answer some questions moving forward. Hog prices closed lower on the National Direct Afternoon Hog Report, down $0.31 with a weighted average of $61.35 on 6,857 head. December corn is down 1 cent per bushel and December soybean meal is down $3.50. The Dow Jones Industrial Average is up 423.45 points and NASDAQ is up 46.02 points.
LIVE CATTLE:
The live cattle complex closed modestly higher, but amid the hesitation looming throughout the marketplace, a higher close is commendable. December live cattle closed $0.25 higher at $108.55, February live cattle closed $0.12 higher at $110.52 and April live cattle closed $0.17 higher at $113.82. Monday's cash cattle trade was expected as nothing transpired and both packers and feedlot managers are looking to the end of the week before jumping into any business. Monday's slaughter is estimated at 119,000 head, 4,000 head more than a week ago and 3,000 head more than a year ago.
Last week's purchase of 57,981 head of negotiated cattle was the second lightest of the year falling second behind the week of April 19, 2020, when only 20,736 head traded and plants were shut down.
Boxed beef prices closed higher: choice up $0.55 ($208.65) and select up $1.38 ($192.62) with a movement of 145 loads (87.21 loads of choice, 16.67 loads of select, 23.26 loads of trim and 17.68 loads of ground beef).
TUESDAY'S CASH CATTLE CALL: Higher. It's unlikely that we will see any cattle trade as early as Tuesday given that the market will be absorbed in election news, but when the market does trade, steady to higher prices are expected. Feedlots know that packers need cattle as they bought sparsely last week and are going to make them pay up.
FEEDER CATTLE:
Feeder cattle contracts fought some nearby pressure as Monday closed, but overall the market was able to secure profits before closing. November feeders closed $0.42 lower at $136.97, January feeders closed $0.07 lower at $134.05 and March feeders closed $0.30 higher at $133.82. While the market traded gingerly in anxiousness of Tuesday's presidential election, it did help that the nearby corn contracts closed slightly lower. At Joplin Regional Stockyard in Carthage, Missouri, compared to a week ago, steer and heifer calves sold $5.00 to $10.00 higher while yearlings traded $4.00 to $8.00 stronger. Supplies were rather light and strong buyer interest helped scaled the market higher. After last week's ice storm, the region is thankful to have a couple of days of warm and dry conditions which make shipping cattle much easier. The CME feeder cattle index Oct. 30: down $0.22, $136.48.
LEAN HOGS:
Cattle contracts were able to squeeze minimal profits out of the day's trade before closing, but the lean hog market didn't have the same luck. December lean hogs closed $0.37 higher at $65.95, February lean hogs closed $0.25 lower at $65.30 and April lean hogs closed $0.42 lower at $67.97. As the hog contracts work their way lower, down from resistance levels, it's important to remember just how significant the last hog rally was and that this downward trend was forthcoming. Pork cutouts totaled 358.50 loads with 331.62 loads of pork cuts and 26.89 loads of trim. Pork cutout values: up $0.34, $84.14. Monday's slaughter is estimated at 493,000 head, 6,000 head more than a week ago and 1,000 head more than a year ago. The CME lean hog index for Oct. 29: down $1.00, $74.49.
TUESDAY'S CASH HOG CALL: Lower. As the country anxiously waits for election news, the likelihood of a stronger cash hog market is slim.
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