Cattle markets are mixed while hog prices are in reach of higher Monday prices.
Overall Monday has opened to more of an optimistic market than many expected. Cattle contracts keep trading higher and then lower but lean hog futures are overall stronger.
December corn is down 1 3/4 cents per bushel and December soybean meal is up $0.10. The Dow Jones Industrial Average is up 34.69 points and NASDAQ is up 67.87
Live cattle contracts show flurries of support and then instances of retreating behavior Monday morning. Largely the live cattle sector is trading anywhere from $0.10 to $0.30 higher in all months except for April 2020 down $0.07, and February 2021 down $0.90. Monday cash cattle trade is taking the usual, uninteresting route with no asking prices or bids circulating yet.
Midday boxed beef prices are mixed: choice up $1.50 ($219.54) and select down $0.03 ($193.01). Monday’s midday offering of boxed beef movement only totals 52 loads (30.59 loads of choice cuts, 8.20 loads of select cuts, 5.20 loads of trim and 8.16 loads of ground beef).
Feeder cattle markets are becoming more and more pressured as the noon hour arrives. Markets traded higher early Monday morning, but have came back down to open levels as still now no word from the Cargill plant in Dodge City, Kansas, has surfaced, and long strings of calves continue to come to town. November feeder cattle are down $0.05 at $142.80 and all nearby and deferred markets show little trading interest and hardly any support.
Though cattle markets are still indecisive, lean hog contracts have squandered no time Monday morning. All nearby and deferred contracts are trading $0.12 to $0.97 higher. December lean hogs are trading $0.50 higher at $68.45 and February 2020 hogs are trading $1.05 higher at $78.52.
News was shared this morning that China is seeking $2.4 billion worth of penalties against the U.S. at the World Trade Organization for annual penalties in a case over Chinese subsidies dating back before the Trump administration. This comes at an inconvenient time as both parties try to negotiate the Phase One trade dealing.
The projected lean hog index for 10/18/19 is down $0.11 at $65.53, and the actual for 10/17/19 came to $65.64 up $0.74. Prices are lower on the National Direct Morning Hog Report, down $0.93 with a weighted average of $55.77, ranging from $51.00 to $58.00 on 4,405 head sold and a five-day rolling average of $57.81.
Pork cutouts totaled 111.58 loads with 99.97 loads of pork cuts and 11.61 loads of trim. Pork cutout values are up $1.61 at $78.64.