DTN Closing Livestock Comments

GENERAL COMMENTS:

The cash cattle trade was not tested through the day with neither bids nor asking prices well defined. According to the closing report, the national hog base totaled $0.44 higher at $58.14 ($52-$60). December corn drifted another several cents lower, pressured by harvest progress and the strengthening dollar. The stock market recovered Tuesday with the Dow up 433 points and the Nasdaq better by 111.

LIVE CATTLE:

Live issues closed moderately lower, off 25 to 50 cents. The action remained very slow as specs and commercials considered the real potential of feedlot movement and price change through the week. Beef cut-outs closed higher with the choice up $1.52 ($215.28) and select up $1.77 ($202.88). Box demand was called moderate to fairly good with light offerings.

WEDNESDAY'S CASH CATTLE CALL:

Steady-$2 higher. Cash cattle potential could start to take shape at midweek. Yet substantial trade volume could easily be delayed until Thursday or Friday.

FEEDER CATTLE:

Feeder futures closed on the defensive with triple-digit losses dominating the complex. CME cash feeder index: 10/29: $153.66, up $0.10.

LEAN HOGS:

Lean hog issues closed on a mixed basis with prices ranging from 15 cents higher to 30 cents lower. The pork carcass value closed marginally higher with loin strength overshadowing belly weakness. The pork cut-out totaled $77.67, up $0.15. CME cash lean index for 10/26: $64.61, off $0.42 (DTN Projected lean index for 10/29: $63.93, off $0.23).

WEDNESDAY'S CASH HOG CALL:

Steady-$1 lower. Hog buyers are expected to resume work in the morning with bids steady to $1 higher.

John Harrington can be reached at harringtonsfotm@gmail.com

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