GENERAL COMMENTS
Feedlot country was dead quiet following
Thanksgiving with both buyers and sellers apparently content with the
weekly trade volume generated through Wednesday. According to the
closing report, the national hog base is $0.45 higher ($50-$58.25,
weighted average $57.10). The corn market settled 2-3 cent lower,
pressured by discouraging export sales and a general lack of buying
interest. Equities closed generally higher with the Dow advancing by 31
points and the Nasdaq gaining 21.
LIVE CATTLE
Technically, live futures closed on a mixed
basis, ranging from 10 points higher in the far deferred to 90 lower in
nearby February. Yet most of the action was of the selling variety,
fueled by long liquidation and post-holiday profit-taking. Beef
cut-outs: mixed, up $1.98 (choice: $210.99) to off $0.79 (select:
$187.85) with light-to-moderate demand and offerings (38 loads of choice
cuts, 24 loads of select cuts, 6 loads of trimmings, 14 loads of ground
beef).
MONDAY'S CASH CATTLE CALL:
Steady. Monday will be typically slow with cash players focusing exclusively on the distribution of new showlists.
FEEDER CATTLE:
Feeder contracts closed 52 to 90 points higher,
supported by short-covering, lower corn prices, and the premium of the
cash index. Trade volume was extremely light. CME cash feeder index:
11/21: $156.58, off $0.13.
LEAN HOGS:
Lean issues settled 20 to 52 points higher with
the help of follow-through buying and sign of cash stability. Spec and
commercials will spend much of next week assessing likely production
levels through the balance of 2017, and whether or not enough late-year
pork demand can be marshaled to handle the supply situation. Carcass
value closed moderately higher, supported by all primals except the
picnic and butt. Pork cut-out: $82.32, up $0.34. CME cash lean index for
11/21: $63.98, off $0.43 (DTN Projected lean index for 11/22: $63.66,
off $0.32).
MONDAY'S CASH HOG CALL:
Steady to $1 lower. Look for hog buyers to
return to work on Monday with steady/weak bids and expecting a large
late-month run of barrows and gilts.
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