With trade volumes narrow and mixed with another
shortened holiday week, the livestock market is relatively uneventful
Tuesday and will most likely remain that way until sometime next week.
March corn is down 3/4 cent per bushel, and March soybean meal is up
$2.60. The Dow Jones Industrial Average is down 68.64 points, and the
NASDAQ is down 3.89 points.
LIVE CATTLE
Cash cattle remains quiet with early asking
starting out around $125 in the South and $200 in the North. The
December live cattle contract expires Tuesday, and most interest has
already trickled into the February contract. February live cattle are
down $0.37 at $126.05, April live cattle are down $0.45 at $127.22 and
June live cattle are down $0.12 at $118.87. All in all, the cattle
complex is expected to remain quiet until after the new year and really
until next week.
Boxed beef prices are mixed: choice up $0.22
($209.88) and select down $1.96 ($203.45) with a movement of 133 loads
(60.72 loads of choice, 49.15 loads of select, 10.26 loads of trim and
12.82 loads of ground beef).
FEEDER CATTLE
Feeder calf prices are unenthused to Tuesday's
appearance and are steadily trading lower. January feeder cattle are
down $0.15 at $145.27, March feeders are down $0.45 at $144.05 and April
feeders are down $0.47 at $146.50. Feeder cattle contracts have been
able to hold on to last Thursday's gains but are in a holding period --
feeling pressure from the $147.00 resistance plane but not wanting to
subdue to lower prices, the feeder cattle market keeps its
steady-to-slightly-lower trend.
LEAN HOGS
The market opened strong, steady with Monday's
close, and was anxious about the announcement from President Donald
Trump that, on Jan. 15, he will be signing the phase-one trade agreement
with China. But the market has since dipped into lower prices in nearby
contracts while deferred contracts are still trading positively. The
market will most likely trade mostly sideways until next week offers a
regular schedule and the opportunity for traders to have a full week.
The projected lean hog index for 12/27/19 is
down $0.86 at $58.17. Due to packer submission problems, the National
Daily Direct Morning Hog Report is unavailable. Pork cutouts total
209.95 loads with 192.57 loads of pork cuts and 17.39 loads of trim.
Pork cutout values: down $1.18 at $73.57.
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