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DTN Midday Livestock Comments          11/24 13:17

   Cattle Contracts Keep Snappy Pace

   Tuesday's cattle futures are fully supported and as the week's cash cattle 
trade waits patiently to begin, a stronger market seems to be brewing. 

ShayLe Stewart
DTN Livestock Analyst

   GENERAL COMMENTS:

   Live and feeder cattle futures continue to find support while lean hog 
futures fight some pressure in nearby contracts. The cash cattle market is 
still quiet with trade not expected to develop until sometime Wednesday, most 
likely after the online auction. March corn is down 2 1/2 cents per bushel and 
December soybean meal is up $0.60. The Dow Jones Industrial Average is up 
482.28 points and NASDAQ is up 121.33 points.

   LIVE CATTLE:

   Live cattle futures are picking up right where Monday left off and are 
motivated to rally all through Tuesday's trade. As the day continues to find 
support from willing traders, the February live cattle contract has jumped 
above last week's high. December live cattle are up $1.35 at $111.35, February 
live cattle are up $1.50 at $114.40 and April live cattle are up $1.07 at 
$117.62. With boxed beef prices keeping their upward progression and the 
futures market fully supported, cash cattle could have an opportunity to trade 
$1.00 to $2.00 stronger. Thus far the week's cash cattle trade remains 
nonexistent with traders lightly inquiring on cattle, but bids have yet to hit 
the table. Asking prices of $111 to $112 have been set in parts of the Southern 
Plains, but the North has yet to determine their prices this week.

   Boxed beef prices are higher: choice up $2.69 ($244.29) and select up $2.01 
($219.49) with a movement of 65 loads (36.24 loads of choice, 14.62 loads of 
select, zero loads of trim and 13.98 loads of ground beef).

   FEEDER CATTLE:

   As corn continues to trade mostly $0.02 lower in nearby contracts, the 
feeder cattle market scales higher as it feels fully supported. January feeders 
are up $1.12 at $138.95, March feeders are up $1.17 at $138.45 and April 
feeders are up $0.67 at $139.65. With cash cattle itching to trade higher and 
the futures market fully supporting both cattle markets, feeder cattle are 
selling well early this week despite last week's softness seen Thursday and 
Friday.

   LEAN HOGS:

   The lean hog market has faded to the background as the day is inconclusive 
on whether the market should trade fully higher or lower. Nearby contracts are 
facing some minor resistance but as time moves closer and closer to the noon 
hour, the support throughout the futures market is lessening that burden and 
could push the market fully higher. Still the market neglects to find 
substantial support from cutout values which could help fundamentally support 
the contracts. December lean hogs are down $0.15 at $64.80, February lean hogs 
are down $0.57 at $66.55 and April lean hogs are up $0.15 at $70.35.

   Hog prices are lower on the National Direct Morning Hog Report, down $0.39 
with a weighted average of $57.93, ranging from $50.00 to $58.50 on 3,662 head 
and a 5-day rolling average of $58.06. Pork cutouts total 283.42 loads with 
252.76 loads of pork cuts and 30.66 loads of trim. Pork cutout values: up 
$0.04, $77.81. The projected lean hog index for 11/20/2020 is down $0.31 at 
$67.83, and the actual index for 11/19/2020 is down $0.63 at $68.14.

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

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