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DTN Midday Livestock Comments          10/21 12:11

   Mixed Monday Livestock Complex  

   Cattle markets are mixed while hog prices are in reach of higher Monday 
prices. 

By ShayLe Stewart
DTN Livestock Analyst

General Comments

   Overall Monday has opened to more of an optimistic market than many 
expected. Cattle contracts keep trading higher and then lower but lean hog 
futures are overall stronger. December corn is down 1 3/4 cents per bushel and 
December soybean meal is up $0.10. The Dow Jones Industrial Average is up 34.69 
points and NASDAQ is up 67.87

   LIVE CATTLE 

   Live cattle contracts show flurries of support and then instances of 
retreating behavior Monday morning. Largely the live cattle sector is trading 
anywhere from $0.10 to $0.30 higher in all months except for April 2020 down 
$0.07, and February 2021 down $0.90. Monday cash cattle trade is taking the 
usual, uninteresting route with no asking prices or bids circulating yet. 

   Midday boxed beef prices are mixed: choice up $1.50 ($219.54) and select 
down $0.03 ($193.01). Monday's midday offering of boxed beef movement only 
totals 52 loads (30.59 loads of choice cuts, 8.20 loads of select cuts, 5.20 
loads of trim and 8.16 loads of ground beef). 

   FEEDER CATTLE 

   Feeder cattle markets are becoming more and more pressured as the noon hour 
arrives. Markets traded higher early Monday morning, but have came back down to 
open levels as still now no word from the Cargill plant in Dodge City, Kansas, 
has surfaced, and long strings of calves continue to come to town. November 
feeder cattle are down $0.05 at $142.80 and all nearby and deferred markets 
show little trading interest and hardly any support. 

   LEAN HOGS 

   Though cattle markets are still indecisive, lean hog contracts have 
squandered no time Monday morning. All nearby and deferred contracts are 
trading $0.12 to $0.97 higher. December lean hogs are trading $0.50 higher at 
$68.45 and February 2020 hogs are trading $1.05 higher at $78.52. News was 
shared this morning that China is seeking $2.4 billion worth of penalties 
against the U.S. at the World Trade Organization for annual penalties in a case 
over Chinese subsidies dating back before the Trump administration. This comes 
at an inconvenient time as both parties try to negotiate the Phase One trade 
dealing. 

   The projected lean hog index for 10/18/19 is down $0.11 at $65.53, and the 
actual for 10/17/19 came to $65.64 up $0.74. Prices are lower on the National 
Direct Morning Hog Report, down $0.93 with a weighted average of $55.77, 
ranging from $51.00 to $58.00 on 4,405 head sold and a five-day rolling average 
of $57.81. Pork cutouts totaled 111.58 loads with 99.97 loads of pork cuts and 
11.61 loads of trim. Pork cutout values are up $1.61 at $78.64. 

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


(BAS)

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