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DTN Midday Livestock Comments          11/20 12:13

   Cattle Contracts Mixed, Lean Hogs Lower 

   Midday comes with no surprises as cattle contracts trade sideways and lean 
hog contracts dip lower. 

By ShayLe Stewart
DTN Livestock Analyst

General Comments

   Another day comes and goes as cattle contracts are dappled with some 
contracts being slightly higher, and some slightly lower. Lean hog contracts, 
on the other hand, point the ship South and away they go. December corn is down 
4 cents per bushel and December soybean meal is down $0.60. The Dow Jones 
Industrial Average is down 70.83 points and NASDAQ is down 12.37 points. 

   LIVE CATTLE 

   Live cattle contracts are rather timid this week following closely to what 
feeder cattle contracts do. As the noon hour approaches, live cattle contracts 
are mixed, higher in nearby months and lower in deferred. December live cattle 
are up $0.42 at $119.20, February live cattle are up $0.35 at $125.40 and April 
live cattle are up $0.07 at $126.25. Some trade is starting to trickle in from 
the countryside. Cash cattle are selling in the South for $116, $1.00 higher 
than last week's weighted average. Other parts of cattle country remain quite 
and firm with asking prices around $117 to $118 in South, and $188 in the 
North. 

   The Fed Cattle Exchange earlier this morning reported a total of 1,398 head 
total. One lot was reported for Texas $114.50 was offered and passed. There 
were four lots in Kansas, one lot went unsold, one lot sold at $115.75 and the 
other two lots sold for $116. Three lots in Nebraska, two lots sold at $115, 
and one lot sold at $115.50.

   Boxed beef prices are up: choice up $0.61 ($239.62) and select up $0.73 
($216.20) with a movement of 79 loads (43.39 loads of choice, 11.29 loads of 
select, 14.70 loads of trim and 9.90 loads of ground beef). 

   FEEDER CATTLE 

   Feeder cattle markets have ranged all sides of sideways trading sometimes 
higher, and at others lower. November feeder cattle are up $0.35 at $146.95, 
January feeders are up $0.12 at $144.15 and March feeders are down $0.27 at 
$144.20. Though the day bounces around and plays with the idea of higher and 
lower, a betting person would probably bet that the day closes nothing short of 
steady. 

   LEAN HOGS

   Lean hog contracts plunge lower and the day presses on, breaking through the 
support plane at $62.00. December lean hogs are trading $1.22 lower at $60.95, 
February lean hogs are trading $2.40 lower at $67.25 and April lean hogs are 
trading $2.07 lower at $73.67. Breaking through the support plane of $62.00, 
asks 1) are markets now going to trade significantly lower even though an 
established bottom was thought to be found, or 2) is this a bottom before the 
markets begins to trend upward? In 2016 prices were in the low $40.00 range, 
and in 2018 prices dipped below $50.00.  

   The projected lean hog index for 11/19/18 is up $0.29 at $59.58, and the 
actual for 11/18/19 came in $0.05 higher at $59.29. Hog prices are up on the 
National Direct Morning Hog Report, up $0.30 with a weighted average of $42.63 
ranging from $40.00 to $43.03 on 4,658 head sold and a five-day rolling average 
of $42.37. Pork cutouts totaled 178.50 loads with 125.12 loads of pork cuts and 
43.37 loads of trim. Pork cutout values are up $2.93 at $87.60. 

   ShayLe Stewart can be reached shayle.stewart@dtn.com 


(AG)

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