DTN Livestock Midday: Cattle Contracts Dip While Hogs Climb

Cattle contracts take the day all but off while lean hogs eye the opportunity to end the week higher.

General Comments

Cattle contracts seem to be sleeping in Friday morning potentially from an overdose of Thanksgiving goodness all while lean hog contracts decided that it’s time to break up the steady trade and peak higher.

March corn is up 7 3/4 cents per bushel and January soybean meal is down $2.80. The Dow Jones Industrial Average is down 84.00 points and NASDAQ is down 26.86 points.

LIVE CATTLE

Cattlemen decided that a long weekend was just what the doctor ordered this week and so they all got busy early this week and are sipping on coffee a little longer than usual this Friday morning. The live cattle contracts are all simply watching time pass, acting lackadaisical in nature and more than anything are checked out.

December live cattle are down $0.40 at $121.02, February live cattle are down $0.92 at $125.77 and April live cattle are down $0.77 at $126.10. Cash trade is all but done for the week, where most of the business transpired on Wednesday. If any trade develops Friday afternoon it will be clean-up in nature.

Boxed beef prices are lower: choice down $0.04 ($232.20) and select down $0.61 ($210.03) with a movement of 34 loads (14.81 loads of choice, 10.65 loads of select, zero loads of trim and 8.22 loads of ground beef).

FEEDER CATTLE

This week’s snow storm is raking havoc on feedlots and sale barns throughout cattle country. It’s one thing to have snow, it’s another thing to have wind, and it’s common to have cold temperatures — but when you mix all three variables together it makes for a tough week on feeders and a long week of doctoring sick calves for pen riders next week.

January feeders are down $0.97 at $142.35, March feeders are down $0.75 at $143.17 and April feeders are down $0.47 at $145.10.

LEAN HOGS

It’s been a good week for lean hog contracts considering the current circumstance that market is in with the trade agreements with China. Friday morning the board took the opportunity to rally while cattle contracts dissipate and are rallying in both nearby and deferred months. December lean hogs are up $1.37 at $62.05, February lean hogs are down $0.72 at $67.87 and April lean hogs are up $0.37 at $74.00.

The lean hog index for 11/16/19 is up $0.72 at $58.60 and the actual index for 11/25/19 is down $0.30 at $57.88. Hog prices are $0.10 higher on the National Direct Morning Hog Report, with a weighted average of $42.99, ranging from $40.00 to $43.65 on 6,240 head sold and a five-day rolling average of $42.41.

Pork cutouts totaled 162.35 loads with 143.71 loads of prok cuts and 18.64 loads of trim. Pork cutout values are up $2.16 at $82.14.

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