General Comments
The livestock market continues to trade doggedly as traders are leery of an uncertain marketplace amid election week. Until there's clear consensus as to who will be president for the next four years, the market could continue to trade in a meek manner. Feeder cattle and lean hog contracts are seeing the biggest regression as losses dance around $1.00 weaker, but the live cattle market isn't far behind, trading mostly $0.60 to $0.70 lower. December corn is down 3 3/4 cents per bushel and December soybean meal is down $4.50. The Dow Jones Industrial Average is up 402.85 points and NASDAQ is up 30.22 points.
LIVE CATTLE
Following last week's slim cash cattle trade, feedlots are expected to price cattle higher this week. It would be helpful to feedlot's cause if the board would trade higher, but election pressure is keeping the contracts scaling lower. December live cattle are down $0.47 at $107.87, February live cattle are down $0.40 at $110.00 and April live cattle are down $0.40 at $113.25. Showlists this week are higher in Nebraska, Colorado and Kansas, but slightly lower in Texas. Monday's trade is panning out to be a typical Monday - little interest is surfacing is feedlots have yet to post their asking prices for the week.
Last week's negotiated cash cattle trade total a significantly lighter movement of 57,981 head. Of that 47,217 head are committed for delivery in the next two weeks while the remaining 10,764 head are committed for the following 15 to 30 days.
Boxed beef prices are higher: choice up $0.55 ($208.65) and select up $1.04 ($192.28) with a movement of 71 loads (44.92 loads of choice, 9.09 loads of select, 8.45 loads of trim and 8.26 loads of ground beef).
FEEDER CATTLE
Feeder cattle contracts are trading lower into Monday's afternoon as the market lacks support heading into the new week. November feeders are down $1.07 at $136.32, January feeders are down $0.82 at $133.30 and March feeders are down $0.52 at $133.00. Following last week's vast advancements, the market was hopeful to add further onto what last week gained but as the election pressures the market, traders are pulling up. Last week's feeder cattle and calve sales were mostly steady as the country ranged from $3.00 lower to $2.00 higher, coast to coast. The market's biggest hindrance throughout the countryside was the ice storm and snow that blew across much of the Southern Plains and lower Midwest, which made hauling livestock incredibly difficult.
LEAN HOGS
The hog complex is scaling lower as the market balances pressure from resistance levels and the election. December lean hogs are down $0.60 at $64.57, February lean hogs are down $1.00 at $64.55 and April lean hogs are down $0.92 at $67.47. Midday pork cutout values saw a nice little uptick in support but with long-term demand still unknown, it wouldn't be surprising to see packers an arm's length from the cash market.
Hog prices are lower on the National Direct Morning Hog Report, down $0.89 with a weighted average of $60.18, ranging from $56.00 to $62.01 with a weighted average of $60.18 on 4,155 head and a five-day rolling average of $61.37. Pork cutouts total 170.65 loads with 159.88 loads of pork cuts and 10.77 loads of trim. Pork cutout values: up $2.23, $86.03.
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