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DTN Midday Livestock Comments          11/22 12:06

   Friday's Trade Feeling Like a Monday 

   Live cattle contracts dip lower, feeder cattle contracts almost reach limit 
lows for the day and hog contracts seem to be the calm in Friday's storm. 

By ShayLe Stewart
DTN Livestock Analyst

General Comments

   Cattle contracts hit the noon hour with long faces and little positivity, 
especially in the feeder cattle sector; meanwhile, lean hog contracts hold the 
middle ground pressing some contracts higher and other lower. 

   December corn is up 1/2 cent per bushel and December soybean meal is down 
$2.00. The Dow Jones Industrial Average is up 79.06 points and NASDAQ is up 
4.44 points.

   LIVE CATTLE 

   Live cattle contracts have been able to hold the boat steady this week 
keeping most of the trade with minimal gains/losses. Live cattle contracts have 
felt some of the same pressure feeder cattle contracts have subsided to and are 
trading at the lowest prices the week has seen. December live cattle are down 
$0.97 at $118.35, February feeder cattle are down $1.60 at $123.45 and April 
feeders are down $2.07 at $123.70. Given that there hasn't been any more cash 
cattle trade since Thursday evening, if there are to be any more cattle trade 
it will probably be late after the unveiling of the COF report. Asking prices 
for cattle left on show lists are around $117 to $118 in the South, and $188 
plus in the North. 

   Midday boxed beef prices are lower: choice down $1.03 ($233.83) and select 
down $0.92 ($212.94) with a movement of 61 loads (28.12 loads of choice, 9.13 
loads of select, 14.20 loads of trim and 9.09 loads of ground beef). 

   FEEDER CATTLE 

   A tough, tough day on the charts for the feeder cattle market as the 
November contract expired Thursday and the market looks to the January 2020 
contract for insight. January feeders are down $3.80 at $138.80, March feeders 
are down $3.55 at $139.25 and April feeders are down $3.40 at $140.70. Feeling 
pressured from the bounty of calves in the countryside, to the switch of spot 
contracts, it wouldn't be unlikely for feeders to close the week in the low 
trading marks the market is etching currently. 

   LEAN HOGS 

   It's been a wild week for the hog market in the essence that new headlines 
pop up almost every day either promising that trade agreements are making 
progress and stepping forward or are adversely stepping back and not knowing 
when the signing of a deal may be reached. Nevertheless, since Wednesday the 
lean hog market has pulled some strings and traded slightly higher. December 
lean hogs are up $0.75 at $61.40, February lean hogs are down $0.07 at $67.37, 
and April lean hogs are down $0.35 at $73.75.  

   The projected lean hog index for 11/20/19 is down $0.04 at $59.54, and the 
actual index for 11/19/19 came back up $0.29 at $59.58. Hog prices are lower on 
the National Direct Morning Hog Report, down $0.67 with a weighted average of 
$41.90, ranging from $40.00 to $43.03 on 9,771 head and a five-day rolling 
average of $42.17. Pork cutouts totaled 177.93 loads with 161.50 loads of pork 
cuts and 16.42 loads of trim. Pork cutout values are up $2.46 at $83.93. 

   ShayLe Stewart can be reached shayle.stewart@dtn.com 


(AG)

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