General Comments
Tuesday's livestock markets are cooling off as support becomes harder to come by entering the noon hour. The cash cattle market is still quiet with bids and asking prices elusive. December corn is up 13 1/4 cents per bushel and December soybean meal is up $10.60. The Dow Jones Industrial Average is up 221.68 points and NASDAQ is down 100.56 points.
LIVE CATTLE
The live cattle market isn't seeing the same support Monday's trade offered but the day's losses are minimal at this point. December live cattle are up $0.10 at $111.90, February live cattle are down $0.12 at $114.95 and April live cattle are down $0.55 at $117.82. Following Monday's big splash the market seems to simply be trading sideways without support coming from the feeder market or traders, but as boxed beef prices continue to print stronger and as this week's cash cattle trade is anticipated to be better the futures market could grow stronger again later in the week. The countryside is still more or less a ghost town as bids are obsolete and feedlots aren't overly worried about showing their asking prices yet. Asking prices in the South have been noted for $112 or better, but the North has yet to show any early asking prices.
Boxed beef prices are higher: choice up $4.62 ($222.01) and select up $5.54 ($207.91) with a movement of 90 loads (65.63 loads of choice, 13.33 loads of select, 6.30 loads of trim and 5.07 loads of ground beef).
FEEDER CATTLE
Part of the feeder cattle market's inability to trade higher Tuesday morning is stemming from the rally in the corn market as nearby contracts rally $0.10 to $0.12 per bushel. November feeders are down $1.12 at $140.50, January feeders are down $0.75 at $139.97 and March feeders are down $0.82 at $139.12. Following Monday's robust rally on the futures market, the complex is seeing minimal followed through support from traders. Regardless, Monday's move advanced the market far beyond where it was currently trading and so long as Tuesday's pressure doesn't advance to $2.00 to $3.00 losses, the market is still higher than last week's close.
LEAN HOGS
The lean hog market continues to trade in a lackluster fashion as the day' is left winding lower; unsupported from traders and unsupported through the morning's cash market. December lean hogs are down $0.27 at $65.32, February lean hogs are down $0.75 at $66.70 and April lean hogs are down $0.67 at $69.97. As Tuesday's trade is aimlessly trading sideways, it appears as though the market could continue to simply traipse sideways all throughout the day.
The projected lean hog index for 11/9/2020 is up $0.12 at $71.15, and the actual index for 11/6/2020 is up $0.01 at $71.13. Hog prices are lower on the National Direct Morning Hog Report, down $0.55 with a weighted average of $60.38, ranging from $55.00 to $60.38 on 5,153 head and a five-day rolling average of $60.31. Pork cutouts total 234.38 loads with 203.16 loads of pork cuts and 31.22 loads of trim. Pork cutout values: down $0.52, $85.17.
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