Friday-to-Friday livestock futures scored the following changes: Oct LC, up $0.38; Dec LC, up $0.40; Oct FC, up $0.10; Nov FC, up $0.25; Oct LH, up $1.87; Dec LH, up $0.52. Light to moderate cash cattle trade has developed in the South with transactions at $111.00, steady with last week. Trade has also developed in Nebraska at $111.00, up $0.50 from last week's weighted average. Limited gains in futures gave no reason for buyers to become very aggressive. Corn futures fell apart after the Quarterly Stocks report, closing 8 1/2 cents lower. The DOW gained 18 points, closing at 26,458 while the NASDAQ gained 4 points closing at 8,046.
Limited gains in futures were posted at the close. Losses dominated a good portion of the day, but steady cash cattle prices were able to provide support. October put in an inside trading day while December closed matching the contract high set on both February 15 and 16, 2018. Beef cut-outs were mixed, down $0.83 (choice, 203.88 and up $0.88 (select $193.44). There were 113 loads reported (45 loads of choice cuts, 11 loads of select cuts, 29 loads of trimmings, and 29 loads of ground beef).
MONDAY'S CASH CATTLE CALL:
Steady to $1.00 higher. The fact that buyers paid steady money may solidify the resolve of sellers and raise asking prices. However, it will just be a formality as cash business is never done at the beginning of the week.
Futures traded similar to live cattle futures, but spent more time in the negative during the day. However, prices were able to come back within striking distance of the daily highs, finishing the week on a positive note. Feeder cattle index for 9/27 is $156.89, down $1.24.
Triple-digit gains were evident in all contracts with the exception of front-month October. Traders felt more confident buying into futures due to the neutral Hogs and Pigs report, as well as the fact that the report is now old news. The quick reversal from Thursday's decline is technically positive. The National Pork report showed 171 loads of pork cuts and 33 loads of trim for the day. CME cash lean hog index for 9/26 is $65.34, up $1.59. DTN projected lean hog index for 9/27 is $66.45, up $1.11.
MONDAY'S CASH HOG CALL:
Steady to $1.00 higher. Futures should show follow-through, increasing the need to do business at higher prices.