GENERAL COMMENTS:
The livestock complex is trading fully lower into Monday's noon hour as traders remain cautious ahead of the election on Tuesday. It's likely that this lackluster, uncertain tone could follow the complex through today's end and likely into Tuesday's trade as well. December corn is up 2 1/2 cents per bushel and December soybean meal is up $5.70. The Dow Jones Industrial Average is down 206.34 points.
LIVE CATTLE:
The live cattle complex is trading fully lower into Monday's noon hour as the technical uncertainty that pressured the complex last week seems to be following the market into this week and then some early election hesitancy has also crept into the marketplace. December live cattle are down $1.27 at $184.65, February live cattle are down $1.37 at $185.52 and April live cattle are down $1.12 at $186.57. The spot December contract is currently trading below the market's 40-day moving average which shows that traders need strong fundamental support this week.
Last week Southern live cattle traded at mostly $190 which is fully steady with the previous week's weighted average, but Northern dressed cattle traded at mostly $296 which is $3.00 lower than the previous week's weighted average. Last week's negotiated cash cattle trade totaled 87,606 head. Of that 80% (70,121 head) were purchased for the nearby delivery, while the remaining 20% (17,485 head) were purchased for the deferred delivery.
Boxed beef prices are higher: choice up $1.69 ($318.03) and select up $1.57 ($286.60) with a movement of 45 loads (25.93 loads of choice, 8.39 loads of select, 3.70 loads of trim and 7.14 loads of ground beef).
FEEDER CATTLE:
With weaker tones currently plaguing the live cattle complex, it comes as absolutely no surprise that the feeder cattle contracts are also trading lower. November feeders are down $1.00 at $246.05, January feeders are down $1.40 at $241.80 and March feeders are down $1.47 at $239.70. Last week the market saw tremendous support from buyers in the countryside which remains positive from a fundamental stance, but traders will also be looking for fundamental support from this week's fed cash cattle market and boxed beef prices.
LEAN HOGS:
The lean hog complex was trading higher originally at Monday's start, but as the day has traded onward, technical cautiousness ahead of this week's U.S. election has even pressured the hog contracts into trading lower. December lean hogs are down $0.62 at $83.45, February lean hogs are down $0.37 at $85.65 and April lean hogs are down $0.12 at $88.77. Pork cutout values and consumer support can't be blamed this morning as yet again the carcass price is higher -- mainly because of the $7.96 jump in the loin.
The projected lean hog index for 11/1/2024 is up $0.82 at $89.38, and the actual index for 10/31/2024 is up $0.63 at $88.56. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 187 head have traded this morning and that the week's five-day rolling average now sits at $85.15. Pork cutouts total 156.61 loads with 114.64 loads of pork cuts and 41.98 loads of trim. Pork cutout values: up $0.81, $104.78.
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