Monday Midday Livestock Market Summary - Doggish Undertones Lead Contracts Lower

 General Comments

The livestock contracts aren't warming up to Monday's arrival even though the noon hour nears. A lack of trader interest and downward pressure sends the entire livestock complex lower in Monday afternoon trade. March corn is up 3 3/4 cents per bushel and January soybean meal is up $0.80. The Dow Jones Industrial Average is down 142.74 points and NASDAQ is up 53.82 points.

LIVE CATTLE

The live cattle market is still feeling bent out of shape from last week's disappointing trade but continues to trail in the same, lower manner. December live cattle are down $0.22 at $108.65, February live cattle are down $0.52 at $111.90 and April live cattle are down $0.35 at $115.85. Last week's trade really changed gears and decided lower levels were where the market needed to be once boxed beef prices started regressing. It's still too early in the week for bids and asking prices but with doggish undertones still circulating throughout the market, feedlots have their work cutout for them this week. New showlists appear to be somewhat larger in Texas, larger in Kansas, but somewhat lower in Nebraska/Colorado.

Last week's negotiated cash cattle trade totaled 89,104 head. Of that 71,897 head are committed for delivery in the next two weeks while the remaining 17,207 head are for delivery in the following 15 to 30 days.

Boxed beef prices are lower: choice down $1.48 ($233.54) and select down $4.99 ($212.52) with a movement of 77 loads (50.04 loads of choice, 9.43 loads of select, 6.85 loads of trim and 11.12 loads of ground beef).

FEEDER CATTLE

The feeder cattle market isn't taking to Monday's trade in a positive manner as the entire market drifts lower and corn prices are helping spur the downward push as the corn market rallies modestly again. January feeders are down $0.87 at $138.90, March feeders are down $0.62 at $138.80 and April feeders are down $0.52 at $140.25. With feeling most inclined to wane away from the $140 resistance plane, the market could keep trading lower throughout the early part of this week.

LEAN HOGS

The lean hog market is following the cattle contract's lead and seems content trading lower. December lean hogs are down $0.95 at $64.92, February lean hogs are down $1.15 at $65.42 and April lean hogs are down $1.07 at $69.40. Early last week the market made an attempt at trading higher but quickly scaled lower and that seems to be where the market will be most comfortable again this week.

The projected lean hog index for 12/4/2020 is down $0.70 at $65.85, and the actual index for 12/2/2020 is down $0.16 at $66.55. Hog prices are lower on the National Direct Morning Hog Report, down $0.11 with a weighted average of $56.16, ranging from $52.00 to $58.50 on 6,263 head and a five-day rolling average of $56.32. Pork cutouts total 154.86 loads with 132.43 loads of pork cuts and 22.42 loads of trim. Pork cutout values: up $1.61, $79.78.