GENERAL COMMENTS: It was another tough day to actually nail down packer bids in feedlot country. We saw a few dressed bids of $190 on some ready steers and heifers in parts of the North. Asking prices were generally renewed at $121-$122 in the South and $192-$195 in the North. The national hog carcass base closed $0.33 higher ($41-$45.41, weighted average, $44.82). Corn futures closed about a penny plus higher in light trade volume. At the conclusion of a very volatile session, equities closed higher: the Dow settled 260 points higher and the Nasdaq advanced by 25.
LIVE CATTLE: The late-year winter storm was supportive, another sign that extended adverse weather could be a bullish check on beef production in the months ahead. Accordingly, live futures opened sharply higher, closing up by 67 cents to $1.57. Spot December and February scored new contract highs. Beef cut-outs closed moderately lower with the choice box off $0.39 ($215.30) and its select counterpart down by $0.38 ($207.22). Wholesale demand was called light on heavy offerings.
FRIDAY'S CASH CATTLE CALL: Steady to $1 higher. The last market corner dawns in the morning. Look for light-to-moderate trade volume to develop sometime between late morning and late afternoon.
FEEDER CATTLE: Following the bullish lead of the live market, feeder futures closed in the green by 22 to 90 cents with nearbys outperforming deferreds. CME cash feeder Index for 12/26: $147.20, off $0.51.
LEAN HOGS: Lean future closed on a mixed basis, up 20 cents to 52 cents lower. The carcass value closed modestly lower with sharply lower picnics overshadowing higher ribs and bellies. The pork cut-out for 12/27 totaled $70.44, off $0.19. CME cash lean index for 12/21: 53.32, down $0.55.
FRIDAY'S CASH HOG CALL: Steady to $1 lower. Opening cash bids in the morning should be steady/weak.
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