Tuesday's trade was mostly uneventful as the livestock contracts wondered higher, then lower and then closed mixed. Cattle contracts were optimistic as the day started, but as the closing bell drew near, the support whittled away. The lean hog market was just the opposite as contracts secured modest gains into closing. Hog prices closed higher on the National Direct Afternoon Hog Report, up $0.17 with a weighted average of $60.13 on 5,093 head. December corn is up 3 1/2 cents per bushel and December soybean meal is up $2.10. The Dow Jones Industrial Average is up 554.98 points and NASDAQ is up 202.96 points.
LIVE CATTLE:
The live cattle complex liked the notion of trading higher but didn't have the heart to close fully higher as nearby contracts dove lower before closing while deferred contracts kept their gains. December live cattle closed $0.72 lower at $107.82, February live cattle closed $0.22 lower at $110.30 and April live cattle closed $0.12 lower at $113.70. Tuesday's cash cattle trade was another dismal day without anything substantial transpiring. Feedlots are believed to price cattle around $110 this week but asking prices have yet to be shown. Tuesday's slaughter is estimated at 121,000 head, 4,000 head more than a week ago and 1,000 head more than a year ago.
Boxed beef prices close higher: choice up $0.79 ($209.44) and select up $2.83 ($195.45) with a movement of 151 loads (82.16 loads of choice, 38.03 loads of select, 16.97 loads of trim and 13.97 loads of ground beef).
WEDNESDAY'S CASH CATTLE CALL: Higher. As boxed beef prices are on the rise, feedlots are looking to this week's trade and gunning for higher prices after getting shorted last week. Trade may take longer to develop but could happen shortly after the Fed Cattle Exchange.
FEEDER CATTLE:
Feeder cattle contracts were trading in leery manner throughout Tuesday's trade, dancing on both sides of steady but ultimately closing lower. November feeders closed $0.85 lower at $136.12, January feeders closed $0.87 lower at $133.17 and March feeders closed $0.67 lower at $133.15. Monday's trade came close to closing alongside the 40-day moving average ($137.87), but the 100-day moving average is still far higher at $140.14 and Tuesday's close pushed the market further again from those averages. At OKC West Livestock Auction in El Reno, Oklahoma, compared to two weeks ago, steer calves traded $3.00 to $8.00 stronger and heifer calves sold anywhere from $8.00 to $12.00 higher with the biggest advancements seen on heifers weighing 500 to 600 pounds. Following last week's ice storm, the countryside is left muddy, but for the most part, producers are able to get trucks in and out and market their calves as they need. The CME feeder cattle index for Nov. 2: not available at this time.
LEAN HOGS:
The lean hog market saw modest support rally into Tuesday's end. Pork cutout values weren't able to close positively following the day's higher midday value, but the cash market did see some support from packers. December lean hogs closed $0.55 lower at $65.40, February lean hogs closed $0.22 higher at $65.52 and April lean hogs closed $0.20 higher at $68.17. Pork cutouts totaled 417.87 loads with 379.73 loads of pork cuts and 38.14 loads of trim. Pork cutout values: down $1.15, $82.99. Tuesday's slaughter is estimated at 493,000 head, 1,000 head more than a week ago and 3,000 head more than a year ago. The CME lean hog index for Oct. 30: down $1.01, $73.48.
WEDNESDAY'S CASH HOG CALL: Steady. With packers having ample supplies already committed, their participation in the cash market isn't expected to be much.
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