General Comments
Cattle contracts merely tip-tapped into the day but as the noon hour approaches, support is building and has the feeder cattle market trading fully higher and the live cattle complex trading mixed. From the day's start, the lean hog market has been optimistic and trading mildly higher, and thus far the complex doesn't seem pressured to trade lower. December corn is down 1 3/4 cents per bushel and December soybean meal is up $6.00.
The Dow Jones Industrial Average is up 783.28 points and NASDAQ is up 487.17 points.
LIVE CATTLE
Live cattle contracts are hesitant to trade higher but with the encouragement from the feeder cattle contracts and higher boxed beef prices, the complex may scale fully higher in Wednesday's afternoon trade. December live cattle are down $0.72 at $107.10, February live cattle are down $0.30 at $110.00 and April live cattle are up $0.05 at $113.75. The day's cash cattle trade still sits painfully quiet as feedlots are determined to get higher prices this week for their cattle. Asking prices in the South have been set at $109 to $110, and the North has yet to share any of their asking prices. The Fed Cattle Exchange sold some heifers earlier in the day, but interest was limited and were mostly steady a week ago to slightly stronger. Bids are expected to develop later this afternoon, but the bulk of this week's cash cattle trade is anticipated to take place Thursday and Friday.
Wednesday's Fed Cattle Exchange offed a total of 634 head, and of that only 296 head sold. A couple loads of Texas heifers sold for $106.75 to $107.25 with delivery in the next 17 days, the other cattle went unsold.
Boxed beef prices are higher: choice up $0.83 ($210.27) and select up $1.09 ($196.54) with a movement of 95 loads (66.93 loads of choice, 9.68 loads of select, 7.87 loads of trim and 10.84 loads of ground beef).
FEEDER CATTLE
Feeder cattle contracts are taking the day's willing support and rallying as the corn market trade steady to slightly lower. November feeder cattle are up $0.22 at $136.35, January feeder cattle are up $0.45 at $133.62 and March feeders are up $0.25 at $133.40. As the market continues to build support day upon day over the last week, the feeder cattle market is getting closer to the market's 40-day moving average of $137.81. Warmer temperatures and dry conditions have been a blessing to cow-calf producers who are needing to ship calves and thankfully the weather's break in snow and cold conditions has also helped sale barns this past week.
LEAN HOGS
Trading in a sideways trend, the lean hog market will take any support the complex can get as strong resistance levels have kept the market from trading higher. December lean hogs are up $0.55 at $65.95, February lean hogs are up $0.95 at $66.47 and April lean hogs are up $0.80 at $68.97. The cattle complex was leery of the post-election marketplace, but the lean hog market saw an opportunity to trade modestly higher and did so from the day's start.
The projected lean hog index for 11/3/2020 is down $0.83 at $72.05, and the actual index for 11/2/2020 is down $0.60 at $72.88. Hog prices are lower on the National Direct Morning Hog Report, down $0.28 with a weighted average of $59.61, ranging from $56.00 to $60.01 on 4,245 head and a five-day rolling average of $60.80. Pork cutouts total 217.83 loads with 184.21 loads of pork cuts and 33.61 loads of trim. Pork cutout values: up $0.75, $83.74.
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