DTN Closing Livestock Comments

GENERAL COMMENTS:

The cash cattle trade was little more than theoretical Wednesday with bids ranging from $178-$180 on a dressed basis. On the other hand, live bids were reported between $110-$114. Asking prices were noted around $185 in the North and $118-$119 in the South. According to the closing report, the national hog base totaled $0.24 higher at $58.23 ($52-$60). December corn settled 1-2 cents lower, checked by harvest weather and generally bearish yields. The stock market scored another impressive round of recovery with the Dow up 241 points and the Nasdaq better by 144.

LIVE CATTLE:

Live issues settled on a mixed basis, up $1.97 in spot October and 17 cents lower in deferreds. Beef cut-outs closed higher with the choice up $1.33 ($216.93) and select up $1.15 ($204.03). Box demand was called moderate to fairly good with moderate offerings.

THURSDAY'S CASH CATTLE CALL:

Steady-$2 higher. As buyers and sellers find workable levels of price compromise, substantial trade volume should surface on Thursday and/or Friday.

FEEDER CATTLE:

Feeders futures aggressively rebounded Wednesday, scoring triple-digit gains in the process. CME cash feeder index: 10/30: $153.66, up $0.10.

LEAN HOGS:

Carcass value broke hard Wednesday, checked by all primals except the butt. 2019 contracts continue to lose ground on their 2018 counterparts, a clear sign of nervousness regarding new year supply, demand, tariff worries and packing house capacity. The pork cut-out totaled $77.67, up $0.15. CME cash lean index for 10/29: $63.93, off $0.23 (DTN Projected lean index for 10/30: $63.90, off $0.03).

THURSDAY'S CASH HOG CALL:

Steady-$1 lower. Hog buyers should remain generally on the defensive in the morning, girded by large country receipts reported at midweek (e.g., 18,501 head basis national negotiated).

John Harrington can be reached at harringtonsfotm@gmail.com

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