The cash cattle trade at midday is a nonevent with buyers and sellers still suffering from turkey hangover and/or preoccupied with Black Friday specials at the local mall. Both sides are apparent content with trade volume totals generated through Wednesday. According to the midday report, the national hog base is 0.78 lower ($50.00-58.00, weighted average $55.87). The corn trade is sagging by several cents, checked by discouraging export sales and post-holiday apathy. The stock market is higher near the top of the noon hour with the Dow up 51 points and the Nasdaq positive by 19.
Live futures are mixed just before an early close (i.e., 12:15 CST) with prices ranging from 17 higher to 47 lower. Generally speaking, nearby issues are losing ground to their deferred counterparts. In light trade volume, the front-end is pressured by long liquidation and post holiday profit taking. Beef cut-outs are mixed at significantly higher at midday, up $1.75 (choice, $210.76) to $2.00 (select, $190.64) with very light box movement (30 loads of choice cuts, 10 loads of select cuts, zero loads of trimmings, 7 loads of coarse grinds).
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For the most part, feeder issues in late-morning business are moderately higher, supported by short covering, softer corn prices, and the premium status of the cash index.
Hog futures have held moderate progress through the late week session and now look set to settle in the neighborhood of 22 to 55 points higher. Light buying has been consistent thanks to positive momentum carried over from Wednesday and ideas that fundamentals will remain manageable through the end of the year.
Carcass value at midday is modestly higher with stronger loin and ham sales overshadowing softer picnic, butt, and rib sales. Pork cut-out: $82.17, up 0.19. CME cash lean index for 11/20: 64.41, off 0.42 (DTN Projected lean index for 11/21: 63.98, off 0.43).
John A. Harrington can be reached at email@example.com
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