DTN Midday Livestock Comments          11/25 12:00

   Livestock Contracts Continue to Find Trader Support

   Livestock futures, again, are fully supported into Wednesday afternoon trade 
and packers are starting to show interest in the cash cattle market. 

ShayLe Stewart
DTN Livestock Analyst

   GENERAL COMMENTS:

   Traders continue to invest in all three livestock futures markets, sending 
them higher into Wednesday afternoon. Cash cattle trade is starting to develop 
at steady to $1.00 higher than last week, but at minimal levels and certainly 
not enough cattle have sold to say the week's trend is established. March corn 
is down 3 3/4 cents per bushel and January soybean meal is down $1.90. The Dow 
Jones Industrial Average is down 189.55 points and NASDAQ is up 28.28 points.

   LIVE CATTLE:

   For the most part, the live cattle market is trading mildly higher as 
traders eye the feeder cattle contracts more as we head into Wednesday 
afternoon trade. December live cattle are up $0.22 at $111.40, February live 
cattle are down $0.05 at $113.90 and April live cattle are up $0.05 at $117.20. 
Feeders are seeing more interest from packers as the day progresses and packers 
have upped their bids already Wednesday morning. There's been a light movement 
of cattle at steady to $1.00 higher than a week ago, but not enough trade has 
developed to call the week's trend established. If feedlots can stick together 
and push trade into Friday, more money could be found for this week's trade. 
Iowa sold some cattle for $110 and $172; Nebraska is seeing bids offered at 
$111 and $174; and Kansas has bids offered at $111.

   Boxed beef prices are higher: choice up $0.62 ($244.92) and select up $1.40 
($221.11) with a movement of 79 loads (50.97 loads of choice, 13.17 loads of 
select, 5.33 loads of trim and 9.42 loads of ground beef).

   FEEDER CATTLE:

   Feeders are thankful to see another day of lower corn prices and continued 
follow-through support from traders leading to higher prices. January feeders 
are up $1.22 at $139.75, March feeders are up $0.82 at $138.95 and April 
feeders are up $0.72 at $140.07. It's a touch-and-go week for feeder cattle 
sales as some barns canceled their sales for the holiday, some barns are seeing 
phenomenal demand still, and some are noticing fewer buyers as many take the 
later part of the week off to spend time with family. Regardless, if the week 
can continue to add positioning to the marketplace and sees continued support 
from the board, next week's market could be sitting in a fine position to sell 
feeders strong once again.

   LEAN HOGS:

   The lean hog market again is seeing moderate support from traders who are 
willing to lightly invest in the hog complex without getting too bold and 
pushing the market out of its current sideways trend. December lean hogs are up 
$0.42 at $65.72, February lean hogs are up $0.57 at $67.32 and April lean hogs 
are up $0.32 at $70.55. Without there being strong demand from packers, and 
mixed signals coming from cutout values, the market will most likely continue 
to trade steady through the week.

   The projected lean hog index for 11/23/2020 is down $0.13 at $67.70 and the 
actual index for 11/20/2020 is down $0.31 at $67.83. Hog prices are lower on 
the National Direct Morning Hog Report, down $0.41 with a weighted average of 
$57.48, ranging from $57.00 to $58.50 on 3,840 head and a five-day rolling 
average of $57.94. Pork cutouts total 178.31 loads with 153.92 loads of pork 
cuts and 24.39 loads of trim. Pork cutout values: up $0.56, $78.14.

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

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