General Comments
As Tuesday nears the noon hour the cattle contracts are trading higher while the support that was helping move the lean hog market higher earlier in the day has quickly dwindled. The cash cattle market is still quiet with bids yet to surface. March corn is down 2 cents per bushel and January soybean meal is up $0.60. The Dow Jones Industrial Average is up 261.04 points and NASDAQ is up 173.74 points.
LIVE CATTLE
Feedlots are thankful to see minor support building in the live cattle market following Monday's disappointing trade. Feedlots have full intentions to move this week's cash cattle market higher again but doing so is always easier when the board helps support the movement. Bids have yet to hit the table this week but asking prices of $112 to $113 have been noted in the South while asking prices in the North are still unknown. December live cattle are up $0.12 at $110.30, February live cattle are down $0.12 at $112.75 and April live cattle are up $0.10 at $116.50. There may be some cash cattle development starting Wednesday after the online sale, but the marketplace is expected to sit quietly until then.
Boxed beef prices are mixed: choice down $0.34 ($243.34) and select up $1.69 ($224.12) with a movement of 67 loads (44.59 loads of choice, 6.78 loads of select, 7.68 loads of trim and 7.68 loads of ground beef).
FEEDER CATTLE
The feeder cattle contracts have been bound and determined early this week to trade higher and with the corn market's slight regression, so long as trader interest continues to be present, the market should be able to close higher again Tuesday afternoon. As the nearby contracts dance above the $140 to $141 threshold, the contracts may start to feel some pressure and will have to decide how much more upward momentum the short-term market has. January feeders are up $0.77 at $141.82, March feeders are up $0.90 at $140.87 and April feeders are up $1.00 at $142.07.
LEAN HOGS
The lean hog market was trading confidently Tuesday morning but as the noon hour approaches the market has shifted to trading lower in nearby contracts while still trading somewhat higher in the deferred contract. Without follow-through support in the pork cutout value, the market fells unsupported and trades cautiously. December lean hogs are down $0.67 at $66.87, February lean hogs are down $0.35 at $68.22 and April lean hogs are down $0.45 at $70.90.
The projected lean hog for 11/30/2020 is down $0.14 with a weighted average of $66.67 and the actual index for 11/27/2020 is down $0.34 at $66.81. Hog prices are lower on the National Direct Morning Hog Report, down $0.39 with a weighted average of $56.28, ranging from $48.00 to $57.00 on 6,944 head and a five-day rolling average of $56.64. Pork cutouts total 267.24 loads with 230.35 loads of pork cuts and 36.89 loads of trim. Pork cutout values: down $2.35, $77.74.
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