Thursday, November 1, 2018

Thursday Closing Livestock Market Summary - Cattle Futures Settle Moderately Lower as Traders Wait for Sound Evidence of Cash News

GENERAL COMMENTS:
Once again, the cash cattle trade was limited to an odd assortment of bids and asking prices that didn't match up in terms of significant trade volume. Dressed bids of $180 in the North fell short of asking prices of $185 plus. Similarly, bids of $112-$114 in the South fell short of area asking prices of $117-$118. According to the closing report, the national hog base totaled $0.24 higher at $58.23 ($52-$60). The corn trade popped about 3 cents higher, hiked by a presidential tweet suggesting that real progress was being made in resolving the trade war with China. The stock market rebounded for the third consecutive round with the Dow closing 264 points higher and the Nasdaq finishing 128 in the green.

LIVE CATTLE:
Live futures settled moderately higher with closing prices ranging from up 15 cents to positive by 52 cents. Needless to say, neither side felt confident about late-week cash potential to aggressively push their arguments. Beef cut-outs closed higher with the choice up $1.62 ($218.55) and select up $0.22 ($204.25). Box demand was called moderate to fairly good with light offerings.

FRIDAY'S CASH CATTLE CALL:
Steady-$2 higher. Cattle buyers and sellers will be running out of time on Friday. Look for moderate to active cash biz to surface Friday sometime between late morning and midafternoon.

FEEDER CATTLE:
New spot November feeders closed 17 cents lower. The rest of the complex closed moderately higher in rather lackluster action. CME cash feeder index: 10/31: $154.18, up $0.05.

LEAN HOGS:
Lean hog contracts finished on a mixed basis with settlements ranging from 55 cents higher to 25 cents lower. Nearby issues lost ground to deferreds thanks to bull-spreaders taking profits. Carcass value closed moderately lower, checked by fresh cuts and bellies. The pork cut-out totaled $75.39, off $0.66. CME cash lean index for 10/30: $63.90, off $0.03 (DTN Projected Lean Index for 10/31: $64.07, up $0.17).

FRIDAY'S CASH HOG CALL:

Steady-$1 lower.

#chh

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