DTN Closing Livestock Comments

GENERAL COMMENTS:

Cattle buyers and feedlot managers focused exclusively Monday on the distribution of new showlists. Generally speaking, the late-month offering looks larger than last week with only Kansas showing fewer ready steers and heifers. According to the closing report, the national hog base is $0.22 lower compared with the Prior Day settlement ($45-$51.41, weighted average $50.19). March corn closed 2 1/2 cents, largely pressured by noncommercial liquidation as prices have now given back over half of their fall rally. The stock market stormed back to life Monday with the Dow closing 354 points higher and the Nasdaq advancing by 142.

LIVE CATTLE:

At the conclusion of a lackluster session, live contracts closed 17 to 27 cents lower. When the dust settled, reliable price hints were few and far between. Beef cut-outs closed higher with the choice up $0.60 ($214.45) and select up $1.28 ($199.79). Box demand was called moderate to fairly good with light offering.

TUESDAY'S CASH CATTLE CALL:

Steady/firm. Bids and asking prices on Tuesday should remain poorly defined with substantial trade volume possibly delayed until Thursday or Friday.

FEEDER CATTLE:

Feeder futures finished narrowly mixed, up 22 cents to off 22 cents. On an estimated run of 9,500 head (down from 6,895 last week and 7,074 in 2017), Oklahoma City sold 600- to 800-pound feeder steers steady to $3 higher; 600-700 pound heifers $2-$3 higher. CME cash feeder Index for 11/23: $149.86, up $1.59.

LEAN HOGS:

Lean contracts stumbled back into primetime trading Monday by closing under significant selling pressure, closing off $1.67 to $2.27. Severe weather conditions across parts of the Midwest left some plants scrambling to get workers in, as this week was expected to be the biggest kill week of the year. Related back-up fears were partially tied to the selling. Carcass value landed with solid strength, supported by processing items (especially bellies) and ribs. The cut-out totaled $68.22, up $1.29. (DTN Projected lean index for 11/21: $57.84, off $0.18) CME cash lean index for 11/23: $57.44, off $0.40.

TUESDAY'S CASH HOG CALL:

Steady-$1 higher. Look for hog buyers to resume procurement chores on Tuesday with steady/firm bids.

John A. Harrington can be reached at harringtonsfotm@gmail.com

(CZ)

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