Checked out, headed for Hawaii. No Cabo. No Cancun … Livestock markets have little consensus as to where the market needs to be trading.
Across the three livestock markets there is little consensus as to where things are headed — lean hog contracts are mostly lower; feeder cattle contracts are mostly higher and live cattle contracts are mostly steady to slightly lower.
December corn is down 4 cents per bushel and December soybean meal is up $3.80. The Dow Jones Industrial Average is up 153.26 points and NASDAQ is up 54.45 points.
It’s been a quiet morning in the live cattle sector as the board trades slightly lower and cash cattle deals haven’t been popping up. December live cattle are down $0.17 at $118.90, February live cattle are down $0.12 at $124.80 and April live cattle are down $0.15 at 125.95. Significant trade could be done for the week though it wouldn’t be unlikely to see some deals still trickle in throughout the afternoon. Asking prices on cattle left on showlists are $116 to $117 in the South, and $184-plus on cattle in the North.
The Fed Cattle Exchange held a Friday sale offering 1,264 head, with three lots in Nebraska, two lots in Kansas, and one lot in Texas. Asking prices were at $115, but no sales were reported.
Midday boxed beef cutouts are mixed: choice up $0.52 ($241.58) and select down $0.77 ($215.07) with a slim movement of 45 loads (23.26 loads of choice, 11.44 loads of select, 5.47 loads of grim and 5.31 loads of ground beef).
Except for the spot November contract, feeder cattle markets are trying to rally $0.50 or more and close Friday on a positive note. November feeder cattle are down $0.20 at $146.42, January feeders are up $0.65 at $144.70 and March feeders are up $0.55 at $144.62. Given that most of the feeder cattle market is pushing for higher prices, Friday’s closing may be in luck to end the week on a positive note.
Lean hog contracts aren’t interested in trading higher anytime soon. The entire complex whittles away except to the spot December contracts that is support with some positivity. December lean hogs are up $0.42 at $63.17, February lean hogs are down $1.40 at $71.97 and April lean hogs are down $1.80 at $78.50. Given that most of the complex is reluctant to trading higher, the day’s tone is probably set for the lean hog market.
The projected lean hog index for 11/14/19 is up $0.01 at $59.51 and the actual index for 11/13/19 is down $0.05 at $59.50. Hog prices are higher on the National Direct Morning Hog Report, up $0.63 with a weighted average of $42.82, ranging from $40.00 to $44.00 on 4,111 head sold and a five-day rolling average of $42.63.
Pork cutouts totaled 182.19 loads with 160.34 loads of pork cuts and 21.85 loads of trim. Pork cutout values spiked $3.08 to $90.12.