GENERAL COMMENTS:
Thus far, Friday has been another uneventful and mundane market as the contracts are seeing mixed interest from traders, and fundamentally the market is seeing signals too. With so much uncertainty and volatility laced throughout the economy and the commodity markets, it makes it hard to the livestock complex to break out and do much. December corn is up 2 1/2 cents per bushel and December soybean meal is up $5.10. The Dow Jones Industrial Average is up 113.23 points.
LIVE CATTLE:
The nearby live cattle contracts are trending lower while the market continues to see modest support in its deferred contracts. December live cattle are down $0.20 at $151.72, February live cattle are down $0.40 at $154.47 and April live cattle are down $0.27 at $158.02. The cash cattle market hasn't seen any more support in its sector, so it's most likely that this week's business is done with. Throughout the week, Southern live deals have been marked at mostly $150, fully steady with last week's weighted averages. Northern dressed sales have been at mostly $242, $2 higher than last week's weighted averages.
Friday's import data shared that, this week, fresh beef imports totaled 20,070 metric tons. Leading the shipments in fresh beef into the United States were Australia, Canada and Mexico. Year to date, there has been 983,662 metric tons, which is 6% greater than last year.
Boxed beef prices are lower: choice down $0.37 ($264.81) and select down $0.36 ($232.70) with a movement of 65 loads (39.53 loads of choice, 5.91 loads of select, 9.16 loads of trim and 10.84 loads of ground beef).
FEEDER CATTLE:
The corn complex is trending slightly higher but at this point, that isn't hindering the feeder cattle contracts. November feeders are up $0.47 at $178.47, January feeders are up $0.82 at $180.25 and March feeders are up $0.55 at $182.32. Currently, the market is trending right along with its 40-day moving average, and if it can close above it, then that could help next week's market.
LEAN HOGS:
The lean hog complex is trending higher into Friday's afternoon as traders are seeming mildly interested in supporting the market. December lean hogs are up $0.17 at $83.55, February lean hogs are up $0.12 at $87.30 and April lean hogs are up $0.52 at $93.07. Both traders and hog producers are happy to see that midday pork cutout values are higher, and are still appreciative of Thursday's robust export sale, but no one is going to hold their breath until Friday's market officially closes then we can see how pork cutouts really fare.
The projected lean hog index for Nov. 3 down $0.89 at $91.45, and the actual index for Nov. 2 is down $0.95 at $92.34. Hog prices are lower on the Daily Direct Morning Hog Report, down $1.74 with a weighted average of $84.16, ranging from $79.00 to $97.50 on 3,401 head and a five-day rolling average of $86.54. Pork cutouts total 194.98 loads with 175.24 loads of pork cuts and 19.75 loads of trim. Pork cutouts values: up $1.32, $97.68.
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