GENERAL COMMENTS:
Light to moderate trade finally surfaced in most
areas of cattle feeding country Friday with most ready steers and
heifers selling significantly higher. A moderate to active trade
developed in most areas Friday morning with live deals ranging from $114
to $115, ($4 higher in Texas, $3 higher in Kansas, and $4 to $5 higher
in Nebraska). Dressed deals in the North are at $180, $6 higher than
last week's weighted average basis Nebraska. According to the closing
report, the national hog base totaled $0.54 lower at $57.06
($52-$58.50). Corn prices ended with a strong late-week recovery thanks
to a better start to 2018-2019 exports, closing 6-7 cents higher. The
stock market closed 296 points lower with the Nasdaq off 151.
LIVE CATTLE:
Jazzed by greater wholesale spending and more
aggressive procurement in feedlot country by packers, live issues
settled $0.52 to $1.32 higher. Beef cut-outs closed significantly higher
with the choice up $0.37 ($213.47) and select up $0.52 ($198.83). Box
demand was called good with light offerings.
MONDAY'S CASH CATTLE CALL:
Steady-$2 higher. Look for the feedlot trade to
resume in slow gear Monday as packers focus almost exclusively on the
assessment of new showlists. We expect the late-month offering to be
steady to somewhat larger in size.
FEEDER CATTLE:
The feeder market closed moderately higher with
contracts up 32 to 85 higher. Stronger deferred live futures were
clearly supported of feeder issues. CME cash feeder index: 10/25:
$154.01, up $0.36.
LEAN HOGS:
Lean contracts settled 77 to 182 higher, boosted
by late-week fundamentals. The carcass value closed moderately lower,
pressured by ribs, hams and bellies ribs and bellies. Pork cut-out:
$76.59, off $0.58. CME cash lean index for 10/24: $65.03, off $0.43.
(DTN Projected Lean Index for 10/25: $64.61, off $0.42.
MONDAY'S CASH HOG CALL:
Steady-$1 lower. Hog buyers should resume procurement on Monday with steady/weak bids.
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