DTN Closing Livestock Comments

GENERAL COMMENTS:

Once again, the cash cattle trade was all about asking prices and bids and little about actual business. Bids of $109 and $174-$175 once again failed to prompt asking prices of $111-$113 and $180 to get the ball rolling. According to the closing report, the national hog base totaled $0.25 lower at $57.60 ($52-$58.50). The corn trade closed 6-7 cents lower, checked by defensive export sales. The stock market recovered with the Dow up 401 points and the Nasdaq better by 209.

LIVE CATTLE:

Spot October closed marginally higher, but the rest of the complex was well underscored, closing 52 cents to $1.27 lower. Beef cut-outs closed significantly higher with choice up to $171 and select up $0.49 ($198.31). Box demand was called moderate to fairly good and light-to-moderate offerings.

FRIDAY'S CASH CATTLE CALL:

Steady-$2 higher. Cattle buying interest should finally kick into gear Friday as packers move to cover short-term slaughter needs.

FEEDER CATTLE:

Feeders closed substantially lower, pressured by long liquidation and defensive live futures. CME cash feeder index: 10/24: $153.65, off $1.25.

LEAN HOGS:

Lean hog futures closed mixed, up 20 to off 75 cents. The carcass value closed moderately lower with higher ribs and hams checked by lower bellies and butts. Pork cut-out: $77.17, off $0.37. CME cash lean index for 10/23: $65.46, off $0.49 (DTN Projected Lean Index for 10/24: $65.03, off $0.43.

FRIDAY'S CASH HOG CALL:

Steady. Opening bids in the morning should be about steady.

John Harrington can be reached at harringtonsfotm@gmail.com

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