GENERAL COMMENTS:
The livestock complex is seeing an easy $1.00 to $3.00 rally across all three markets Monday. The feeder cattle market is closely watching how much stronger the corn market grows as $0.02 to $0.05 gains are seen entering the afternoon. Monday morning saw some light cash cattle trade in Nebraska at steady prices with a week ago. December corn is up 2 3/4 cents per bushel and December soybean meal is up $2.30. The Dow Jones Industrial Average is up 182.14 points and NASDAQ is down 1.11 points.
LIVE CATTLE
The live cattle complex is liking Monday's attitude, which is regaining what was lost last week and is being encouraged by positive announcements about more COVID-19 vaccines and a bullish Cattle on Feed Report Friday. December live cattle are up $2.15 at $110.22, February live cattle are up $2.50 at $113.15 and April live cattle are up $2.30 at $116.75. There was some light cash cattle trade Monday morning in Nebraska at fully steady prices, but otherwise the countryside has only seen light inquiry from packers. Given that this week is shortened for the Thanksgiving holiday, cash cattle trade is expected to develop earlier in the week. Showlists are larger this week in all the 5-state feeding region.
Last week's negotiated cash cattle trade totaled 106,137 head. Of that 79,128 head are for delivery in the next two weeks while the remaining 27,009 head are for delivery in the following 15 to 30 days.
Boxed beef pries are mixed: choice up $4.09 ($242.44) and select down $0.45 ($214.53) with a movement of 54 loads (24.79 loads of choice, 11.91 loads of select, 5.35 loads of trim and 12.15 loads of ground beef).
FEEDER CATTLE:
Feeder cattle prices are regaining what was lost late last week as the market rallies $2.50 to $3.00. January feeders are up $3.10 at $137.00, March feeders are up $2.90 at $137.27 and April feeders are up $2.77 at $138.95. So long as the corn market rally doesn't continue to soar into Monday afternoon, the feeder cattle market should be able to capitalize on gains all throughout the day.
LEAN HOGS:
Lean hog futures haven't seen much action over the last month as the market is developing a low, but Monday's excitement has even trickled over into the hog market and is helping rally nearby contracts $1.00 to $2.00 higher. December lean hogs are up $1.37 at $65.50, February lean hogs are up $2.22 at $67.57 and April lean hogs are up $2.27 at $70.47. What could potentially help the hog market is long-term strength in the pork cutout value, as the market has endured fluctuations in hog prices in the latter part of 2020.
The projected lean hog index for 11/20/2020 is down $0.31 at $67.83 and the actual index for 11/19/2020 is down $0.63 at $68.14. Hog prices are lower on the National Direct Afternoon Hog Report, down $1.02 with weighted average of $57.81, ranging from $50.00 to $59.00 on 4,760 head and a 5-day rolling average of $58.34. Pork cutouts total 280.08 loads with 261.03 loads of pork cuts and 19.04 loads of trim. Pork cutout values: up $0.78, $78.95.
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