GENERAL COMMENTS:
The livestock complex is trending lower into Wednesday's afternoon as the market isn't seeing much interest from traders. The cash cattle market has performed extremely well, however, as prices have jumped $3.00 to $4.00 higher compared to last week's weighted average. December corn is up 3 3/4 cents per bushel and December soybean meal is up $1.40. The Dow Jones Industrial Average is up 13.17 points.
**USDA is experiencing technical difficulties and no reports are available at this time.
LIVE CATTLE:
It's a glorious day for the cash cattle market as feedlots have again been rewarded for their patience. There's been a light movement in the North at $245 dressed, which is $3.00 higher than last week's weighted average. Some cattle have traded in the South for $154 to $155, which is roughly $4.00 higher than last week's weighted average. This week's cash cattle market shows just how important it is for cattlemen to stay engaged in the marketplace even during the holidays because you never know when prices are going to be advanced higher. With packers continuing to run aggressive processing speeds and front-end supplies of market-ready cattle thin, packers had to jump in and support the market even though it's a holiday week. It's somewhat disappointing to see that the futures complex isn't rallying alongside the cash cattle market, as one would think that this development is just the fundamental support that traders were after. More likely than not, Wednesday's unenthusiastic trade throughout the futures complex stems from the fact that the market's only being thinly traded as some participants have already stepped out the door for a long weekend. December live cattle are down $0.20 at $153.60, February live cattle are down $0.92 at $155.50 and April live cattle are down $0.77 at $159.12.
Boxed beef prices are unavailable at this time as USDA is experiencing technical difficulties.
FEEDER CATTLE:
Even the slightest advancement in the corn sector is enough to push feeders lower even as the cash cattle market charges higher. As the market approaches the noon hour, the nearby corn contracts are trending $0.02 to $0.03 higher which is just enough pressure to send feeders crashing lower. January feeders are down $1.97 at $179.70, March feeders are down $1.80 at $182.77 and April feeders are down $1.72 at $186.20. Unless the rally in the grain complex subsides, it's not likely that the feeder cattle market will turn around ahead of closing as its market is thinly traded and traders could be stepping out early for Thanksgiving festivities.
LEAN HOGS:
The lean hog complex is keeping with its mundane sideways chop as Wednesday's noon hour approaches. The cash hog market could see some more interest throughout Wednesday's market as packers will likely be absent from the market on Friday. Nevertheless, the market isn't seeing much interest as will likely close with this same unenergetic tone. December lean hogs are up $0.25 at $84.50, February lean hogs are down $0.47 at $89.60 and April lean hogs are down $0.37 at $95.17.
The projected lean hog index for Nov. 22 is down $0.37 at $86.17, and the actual index for Nov. 21 is down $0.43 at $86.54. Both pork cutout values and cash prices are unavailable at this time as USDA is experiencing widespread technical difficulties.
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