GENERAL
COMMENTS: Cattle buyers limited their efforts Monday to the assessment
of new showlists. Ready numbers are larger in all areas, especially
Texas and Nebraska. The national hog carcass base closed $0.35 higher
($41.00 to $47.00, weighted average, $45.65). March corn traded lower
most of Monday on light volume, ending the final session of 2018 down a
half-cent at $3.75. The stock market closed a very volatile December on
the right side of the ball with the Dow up 265 points and the Nasdaq
positive by 50.
LIVE CATTLE: Live issues closed mixed, up $0.72
to off $0.30 in light volume. Spot December expired at $124.80, finally
supported by decent feedlot cash that surfaced late Friday. Beef
cut-outs closed significantly higher with the choice box up $0.94
($215.35) and its select counterpart up by $3.16 ($210.66). Wholesale
demand was called "good" with moderate offerings.
WEDNESDAY'S CASH CATTLE CALL: Steady to $2
higher. The cash cattle market at midweek will be poorly defined with
concrete bids and asking prices probably not taking shape until Thursday
or Friday.
FEEDER CATTLE: Feeder futures also settled
mixed, up $0.72 to off $0.22. Most of the buying interest developed in
the far deferreds. CME cash feeder Index for 12/28: $144.64, off $2.62.
LEAN HOGS. For the most part, lean contracts
closed moderately higher, up $0.20 to $0.90. Of course the big question
as we knock into the new year concerns the adequacy of domestic and
export pork demand in the face of record production. Carcass value
closed lower, moderately pressured by fresh cuts and hams. The pork
cut-out for 12/31 totaled $70.19, off $0.27. (DTN Projected lean index
for CME cash lean index for 12/28: NA) CME cash lean index for 12/27:
$53.11, off $0.01.
WEDNESDAY'S CASH HOG CALL: Steady. Look for 2019 cash hogs to start out with generally steady bids.
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