GENERAL COMMENTS:
Once again, the cash cattle trade was all about
asking prices and bids and little about actual business. Bids of $109
and $174-$175 once again failed to prompt asking prices of $111-$113 and
$180 to get the ball rolling. According to the closing report, the
national hog base totaled $0.25 lower at $57.60 ($52-$58.50). The corn
trade closed 6-7 cents lower, checked by defensive export sales. The
stock market recovered with the Dow up 401 points and the Nasdaq better
by 209.
LIVE CATTLE:
Spot October closed marginally higher, but the
rest of the complex was well underscored, closing 52 cents to $1.27
lower. Beef cut-outs closed significantly higher with choice up to $171
and select up $0.49 ($198.31). Box demand was called moderate to fairly
good and light-to-moderate offerings.
FRIDAY'S CASH CATTLE CALL:
Steady-$2 higher. Cattle buying interest should
finally kick into gear Friday as packers move to cover short-term
slaughter needs.
FEEDER CATTLE:
Feeders closed substantially lower, pressured by
long liquidation and defensive live futures. CME cash feeder index:
10/24: $153.65, off $1.25.
LEAN HOGS:
Lean hog futures closed mixed, up 20 to off 75
cents. The carcass value closed moderately lower with higher ribs and
hams checked by lower bellies and butts. Pork cut-out: $77.17, off
$0.37. CME cash lean index for 10/23: $65.46, off $0.49 (DTN Projected
Lean Index for 10/24: $65.03, off $0.43.
FRIDAY'S CASH HOG CALL:
Steady. Opening bids in the morning should be about steady.
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