Monday, November 30, 2020

Monday Closing Livestock Market Summary - Contracts See Mixed Support

 GENERAL COMMENTS:

Monday was a fruitful day for both the lean hog and feeder cattle contracts, but the live cattle market's luck wasn't as rich. Hog prices closed higher on the National Direct Afternoon Hog Report, up $0.15 with a weighted average of $56.67 on 10,190 head. March corn is down 7 3/4 cents per bushel and January soybean meal is down $5.80. The Dow Jones Industrial Average is down 271.73 points and NASDAQ is down 7.11 points.

LIVE CATTLE:

Monday wasn't at all what the live cattle market had hoped for following last week's advancements on both the board and throughout the cash cattle market. With boxed beef prices trailing higher, feedlots still have an opportunity to move this week's markets higher, but doing so is always easier if the board is supportive. December live cattle closed $0.45 lower at $110.17, February live cattle closed $0.37 lower at $112.87 and April live cattle closed $0.55 lower at $116.40. Monday's cash cattle market was at a mere standstill without asking prices being known and without bids surfacing. Trade is largely expected to develop later in the week as feedlots plan to move the market higher once again. Monday's slaughter is estimated at 119,000 head, 1,000 head less than a week ago and steady with a year ago.

Boxed beef prices closed higher: choice up $0.83 ($243.68) and select up $1.75 ($222.43) with a movement of 84 loads (53.27 loads of choice, 11.57 loads of select, 11.97 loads of trim and 6.97 loads of ground beef).

TUESDAY'S CASH CATTLE CALL: Higher. When cash cattle trades this week, it will most likely be for higher prices if feedlots work together and rally the market. Moving the market at least $1.00 to $2.00 higher isn't at all out of the picture.

FEEDER CATTLE:

Right before the clock rang for the noon hour, support started to develop in the feeder cattle market and by the day's end the market closed fully higher. January feeders really attracted trader's attention as the market was not only able to close above the $140 threshold, but slightly above $141. January feeders closed $1.22 higher at $141.05, March feeders closed $0.97 higher at $139.97 and April feeders closed $0.75 higher at $141.07.

At Jopling Regional Stockyard in Carthage, Missouri, compared to a week ago, steer calves under 650 pounds sold $2.00 to $5.00 higher and steers over 650 pounds sold $1.00 to $4.00 lower. Heifers weighing under 500 pounds and over 800 pounds sold steady while heifers between 500 to 800 pounds sold $2.00 to $4.00 lower. The CME feeder cattle index for Nov. 27: up $1.35, $138.90.

LEAN HOGS:

It was a prosperous day for the nearby lean hog contracts as the market saw substantial support and closed mostly higher. December lean hogs closed $1.70 higher at $67.57, February lean hogs closed $1.32 higher at $68.57 and April lean hogs closed $1.02 higher at $71.40. Pork cutout values thankfully closed higher but not in a strong enough fashion to make one think that the market is sold on trading higher. Pork cutouts total 289.57 loads with 232.42 loads of pork cuts and 57.16 loads of trim. Pork cutout values: up $0.13, $80.09. Monday's slaughter is estimated at 497,000 head, steady with a week ago and 1,000 head more than year ago. The CME lean hog index for Nov. 25: down $0.23, $67.15.

TUESDAY'S CASH HOG CALL: Steady. Following the holiday weekend, packers stepped up and bought a considerable number of hogs and moved the market slightly stronger. Tuesday may be able to find some of the same as packers look to ramp up processing speeds into the year's end.


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