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DTN Midday Livestock Comments          11/13 12:13

   Cattle Contracts Sharply Lower, Lean Hogs Somewhat Lower 

   Cattle contracts get laid away Wednesday morning while lean hog contracts 
nearly skate by with only minimal losses.  

By ShayLe Stewart
DTN Livestock Analyst

General Comments

   Feeder cattle markets sink lower and lower while the live cattle market toys 
with the idea of how low its market should trade. Cash cattle markets have 
traded early Wednesday morning for $1.00 higher, which is helping keep some 
optimism in the live cattle future's contracts. December corn is down 1 3/4 
cents per bushel and December soybean meal is up $2.00. The Dow Jones 
Industrial Average is up 49.48 points and NASDAQ is up 6.79 points. 

   LIVE CATTLE 

   The live cattle market isn't bleeding as much as the feeder cattle market 
though it's still lower than cash cattle enthusiasts would like to see. 
December live cattle are down $2.00 at $117.75, February live cattle are down 
$2.12 at $123.45 and April live cattle are down $2.00 at $125.05. With plenty 
of time left in the day, the market could ease up in the afternoon and close 
some higher than today's low. 

   The Fed Cattle Exchange Auction reported a total of 1,393 head today (one 
lot in Texas, two lots in Kanas, and four lots in Nebraska) asking prices 
ranged from $114 to $117. One lot in Texas was offered $115, but that offer was 
passed. One lot in Kansas was offered $115.50 but that offer was also passed.  
Not long after the Fed Cattle Exchange closed bidding there was some light 
trade reported in parts of Texas at $115, which is steady to $1.00 higher than 
last week's trade. Other feeders continue to hold out to $117 to $118 in the 
South, and $185 to $188 in the North. Wednesday's future market tizzy could 
push some feeders to panic and liquidate sooner than planned, but then again 
with fat cattle supplies, current feeders may be able to walk through the 
merely unharmed and still trade cattle for steady to higher prices. As the day 
plays out, time will tell.  

   Midday boxed beef cutouts are higher: choice up $1.75 ($242.25) and select 
is up $1.26 ($217.49) with a movement of 74 loads (34.59 loads of choice, 13.75 
loads of select, 15.96 loads of trim and 9.36 loads of ground beef). 

   FEEDER CATTLE 

   Lower and lower and lower falls the feeder cattle market in both nearby and 
deferred contracts. There's nothing about Wednesday's trade that is subtle, but 
rather instead a cold hard crash lower. November feeder cattle are down $2.57 
at $145.22, January feeder cattle are down $4.42 at $142.70 and March feeders 
are down $4.02 at $142.72. As the clock strikes the noon hour, things aren't 
looking hopeful but with the entire rest of the afternoon left to sort out 
trade, there may still be potential for the market to close somewhat higher. 

   LEAN HOGS 

   Seeming to inch through the day with minimal losses compared to the other 
livestock contracts, the lean hog complex trades lower but not near as much 
lower and the cattle contracts. December lean hogs are down $1.00 at $63.72, 
February lean hogs are down $1.12 at $74.40 and April lean hogs are down $0.37 
at $81.70. 

   The projected lean hog index for 11/11/19 is down $0.50 at $58.94, and the 
actual lean hog index for 11/08/19 came in at $59.44 was down $0.85. Hog prices 
are lower on the National Direct Morning Hog Report, down $0.02 with a weighted 
average of $42.71, ranging from $41.50 to $43.09 on 4,415 hogs sold and a 
five-day rolling average of $43.30. Pork cutouts totaled 156.65 loads with 
130.70 loads of pork cuts and 25.95 loads of trim. Pork cutout values are down 
$1.32 at $87.21. 

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


(AG)

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