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DTN Midday Livestock Comments          10/20 12:06

   Continuing to Press Lower in Livestock Arena

   Following Monday's regression, the livestock contracts are mostly trading 
lower except for some deferred support brewing in the feeder cattle market.

ShayLe Stewart
DTN Livestock Analyst

   General Comments

   The livestock complex is trading mostly lower other than the deferred feeder 
cattle contracts that are seeing some modest support arise. Following Monday's 
trade, the complex is pressured once again as buyers are stepping to the 
sidelines wanting to see where the market's short-term direction goes and how 
far contracts are willing to bow. December corn is up 2 cents per bushel and 
December soybean meal is down $0.90. The Dow Jones Industrial Average is up 
185.63 points and NASDAQ is up 70.87 points.

   LIVE CATTLE

   Keeping with Monday's trend, the live cattle complex tips lower with nearby 
contracts seeing the sharpest regression. October live cattle are down $0.70 at 
$103.30, December live cattle are down $1.00 at $104.15 and February live 
cattle are $1.10 lower at $107.07. Even through the market's pressure and 
bearish undertone remain thick through the marketplace, higher boxed beef 
prices are always welcome and muster some encouragement.

   Following Monday's emotionally fueled cash cattle trade, Tuesday's business 
hasn't been overly sought after as packers sit on ample supply. Bids of $104 
have been renewed in Nebraska and Iowa, but feedlots have yet to accept bids 
for Tuesday's business.

   Boxed beef prices are higher: choice up $1.60 ($211.34) and select up $3.28 
($195.12) with a movement of 71 loads (40.99 loads of choice, 11.44 loads of 
select, 12.43 loads of trim and 6.39 loads of ground beef).

   FEEDER CATTLE

   Wondering how contracts are going to fare over the next couple of 
weeks/months remains a big market to the feeder cattle complex. As corn prices 
keep scaling higher, buyers are pushed away from the market as break-even 
levels continue to change and buyers are worried about the long-term outcome of 
the contracts. October feeders are down $2.20 at $132.40, November feeders are 
down $1.00 at $129.07 and January feeders are up $0.20 at $125.42.

   LEAN HOGS

   Trading above the $70.00 threshold didn't last long for the lean hog market 
as Tuesday morning nearby contracts fell below the resistance plane once again. 
The livestock market's pressure has seeped into the lean hog sector even though 
the complex was able to keep the December contract elevated through Monday's 
trade. December lean hogs are down $2.22 at $69.20, February lean hogs are down 
$1.95 at $68.90 and April lean hogs are down $1.37 at $70.95.

   The projected lean hog index for 10/19/2020 is up $0.34 at $78.62, and the 
actual index for 10/16/2020 is up $0.04 at $78.28. Hog prices are lower on 
National Direct Morning Hog Report, down $1.71 with a weighted average of 
$60.02, ranging from $57.54 to $66.00 on 5,899 head and a five-day rolling 
average of $61.63. Pork cutouts total 215.53 loads with 199.90 loads of pork 
cuts and 15.63 loads of trim. Pork cutout values: up $1.77, $99.87.

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

    




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