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DTN Midday Livestock Comments          11/23 12:40

   Livestock Contracts Jump at Opportunity to Trade Higher 

   Following last week's disappointing close, Monday's stronger trade was 
welcome throughout the livestock markets. 

ShayLe Stewart
DTN Livestock Analyst

   GENERAL COMMENTS:

   The livestock complex is seeing an easy $1.00 to $3.00 rally across all 
three markets Monday. The feeder cattle market is closely watching how much 
stronger the corn market grows as $0.02 to $0.05 gains are seen entering the 
afternoon. Monday morning saw some light cash cattle trade in Nebraska at 
steady prices with a week ago. December corn is up 2 3/4 cents per bushel and 
December soybean meal is up $2.30. The Dow Jones Industrial Average is up 
182.14 points and NASDAQ is down 1.11 points.

   LIVE CATTLE

   The live cattle complex is liking Monday's attitude, which is regaining what 
was lost last week and is being encouraged by positive announcements about more 
COVID-19 vaccines and a bullish Cattle on Feed Report Friday. December live 
cattle are up $2.15 at $110.22, February live cattle are up $2.50 at $113.15 
and April live cattle are up $2.30 at $116.75. There was some light cash cattle 
trade Monday morning in Nebraska at fully steady prices, but otherwise the 
countryside has only seen light inquiry from packers. Given that this week is 
shortened for the Thanksgiving holiday, cash cattle trade is expected to 
develop earlier in the week. Showlists are larger this week in all the 5-state 
feeding region.

   Last week's negotiated cash cattle trade totaled 106,137 head. Of that 
79,128 head are for delivery in the next two weeks while the remaining 27,009 
head are for delivery in the following 15 to 30 days.

   Boxed beef pries are mixed: choice up $4.09 ($242.44) and select down $0.45 
($214.53) with a movement of 54 loads (24.79 loads of choice, 11.91 loads of 
select, 5.35 loads of trim and 12.15 loads of ground beef).

   FEEDER CATTLE:

   Feeder cattle prices are regaining what was lost late last week as the 
market rallies $2.50 to $3.00. January feeders are up $3.10 at $137.00, March 
feeders are up $2.90 at $137.27 and April feeders are up $2.77 at $138.95. So 
long as the corn market rally doesn't continue to soar into Monday afternoon, 
the feeder cattle market should be able to capitalize on gains all throughout 
the day.

   LEAN HOGS:

   Lean hog futures haven't seen much action over the last month as the market 
is developing a low, but Monday's excitement has even trickled over into the 
hog market and is helping rally nearby contracts $1.00 to $2.00 higher. 
December lean hogs are up $1.37 at $65.50, February lean hogs are up $2.22 at 
$67.57 and April lean hogs are up $2.27 at $70.47. What could potentially help 
the hog market is long-term strength in the pork cutout value, as the market 
has endured fluctuations in hog prices in the latter part of 2020. 

   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. Hog prices are lower on 
the National Direct Afternoon Hog Report, down $1.02 with weighted average of 
$57.81, ranging from $50.00 to $59.00 on 4,760 head and a 5-day rolling average 
of $58.34. Pork cutouts total 280.08 loads with 261.03 loads of pork cuts and 
19.04 loads of trim. Pork cutout values: up $0.78, $78.95.

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

   Editor's Note: See DTN Livestock Analyst ShayLe Stewart's complete 2021 
market outlook live by attending the DTN Ag Summit, Dec. 7-9. This year's event 
is virtual, and as a DTN subscriber you can attend for FREE. Our premier farmer 
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Markit; Microsoft Chief Scientist Ranveer Chandra; personal development 
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