GENERAL COMMENTS:
The live cattle and feeder cattle contracts are trading higher into Thursday's afternoon as the market finally catches traders' interest. The lean hog complex is trading lower as the hog sector wasn't impressed with the morning's export report. December corn is down 7 cents per bushel and December soybean meal is down $12.50. The Dow Jones Industrial Average is up 961.49 points.
LIVE CATTLE:
The live cattle complex is trading relatively strong into Thursday's afternoon as the market breathes a sigh of relief, as Wednesday's WASDE report is now water under the bridge. December live cattle are up $0.70 at $152.27, February live cattle are up $0.17 at $154.32 and April live cattle are up $0.05 at $157.82. The cash cattle market hasn't seen any more cattle trade at this point, as it's seeming like feedlots are wanting to add another $1.00 or $2.00 to Wednesday's thin trade. So far this week, Southern live deals have been marked at $150, fully steady with last week's weighted averages, Northern dressed sales were at mostly $242, also fully steady with last week's weighted average basis Nebraska. More trade is expected to develop before the day's end.
Beef net sales of 13,700 mt for 2022 were primarily for South Korea (7,100 mt), Japan (4,700 mt) and Taiwan (1,800 mt).
Boxed beef prices are mixed: choice down $0.17 ($264.50) and select up $0.3.35 ($238.57) with a movement of 59 loads (41.56 loads of choice, 8.28 loads of select, 2.63 loads of trim and 6.44 loads of ground beef).
FEEDER CATTLE:
As the corn market dips $0.06 to $0.07 lower in its nearby contracts, the feeder cattle complex is rallying as it's feeling less pressure from the grain market again and getting the green light from the live cattle contracts. January feeders are up $0.52 at $178.25, January feeders are up $1.10 at $180.80 and March feeders are up $1.22 at $183.02. On Wednesday, the cash cattle market saw some cattle trade at steady money, but without any bids having developed at this point, feedlots seem to be waiting the market out for more money, which could encourage the feeder cattle contracts to trade higher even yet.
LEAN HOGS:
The lean hog complex is heading into Thursday's afternoon lower as the market wasn't overly pleased with the day's export report. Yes, China was listed as the third most aggressive buyer, but on a week where only 10,800 metric tons was noted, that doesn't amount to much product. Midday pork cutout values are up (up $2.70) which if this momentum continues through the afternoon, it could help Friday's market stand a chance at trading higher. December lean hogs are down $0.57 at $84.70, February lean hogs are down $0.52 at $88.62 and April lean hogs are down $0.42 at $94.20.
Pork net sales of 10,800 mt for 2022 were primarily for Mexico (9,100 mt), South Korea (3,500 mt) and China (2,400 mt).
The projected lean hog index for Nov. 9 is down $0.50 at $88.96, and the actual index for Nov. 8 is down $0.82 at $89.46. Hog prices are lower on the Daily Direct Afternoon Hog Report, down $3.54 with a weighted average of $84.21, ranging from $79.50 to $92.00 on 3,188 head and a five-day rolling average of $85.53. Pork cutouts total 150.94 loads with 124.96 loads of pork cuts and 25.98 loads of trim. Pork cutout values: up $2.70, $96.82.
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