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Cattle

Choice Fed SteersSteady118 - 119
As of 12/14/18          


Dressed Basis 
Steady to +1187 - 188
As of 12/14/18 

Boxed Beef Cutout -1.51210.96
85 loads 
Fri PM

Hogs

Western Cornbelt+0.3946.56
Iowa Lean Average+0.08

46.61

Sheep/Goats

Finished Lambs (Ft. Collins, CO 12/12)+8127 - 135
60-80 lb Feeder Lambs (Ft. Collins, CO 12/12)Higher195 - 222
80-100 lb Feeder Lambs (Ft. Collins, CO 12/12)Higher152 - 170
Sl. Ewes (Ft. Collins, CO 12/12)Higher46 - 51
-2 to 5
-2 to 5
+20 to 30

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Market Commentary

Market Commentary from the Northern Ag Network:

12/14/18 3:30 PM

DTN reports:

Live and feeder contracts concluded the week with slow volume and moderately lower settlements. Though traders seemed patiently awaiting cash news, neither side acted with much anticipatory expectation. Lean hog issues closed on a mixed basis as spot December expired, cautiously making room to consider the tall premium of the new leader February.


LIVE CATTLE:

The lion's share of closing prices were moderately lower (i.e., off 17 to 45 cents) with only spot December (presumably supported by cash premiums) closing marginally higher. Although a few scattered country sales on the firm side of last's week's cash were evident here and there around noon, the board really didn't have much to go on when the time came to close the CME shop. Perhaps some late cash evidence greater than the price ranges noted above could reignite buying interest on Monday. But, right now, that seems doubtful. Beef cut-outs closed mixed with the choice off $1.51 ($210.96) and select up $2.14 ($203.14). Box demand was called light to moderate with light offerings.

 

MONDAY'S CASH CATTLE CALL: 

Steady to $1 higher. Needless to say, the week will slowly commence with the typical collection of new showlists. Fed offerings are likely to be about steady with the round just worked. Having said that, packer appetites could be smaller as they consider the tighter schedule around Christmas ahead.

 

FEEDER CATTLE: 

The closing round here was a bit of a yawner as longs carefully took profits at the tail-end of a fairly dynamic week. Final settlements ranged from 12 to 40 cents lower. So far, both feedlot close-outs and 2019 hedging opportunities seem to lend good support in this arena. CME cash feeder Index for 12/13: $146.90, up $0.50.

Live and feeder futures exploded higher with most months settling at new contract highs. Lean hog issues closed lower, pressured by long liquidation and the reassertion of cattle/hog spreads.
Sellers of hog futures finally took a breather at midweek, allowing contracts to settle mostly 30 to 112 higher. The cattle complex settled modestly higher, supported by light short-covering and profit-taking.
Sellers of hog futures finally took a breather at midweek, allowing contracts to settle mostly 30 to 112 higher. The cattle complex settled modestly higher, supported by light short-covering and profit-taking.
Sellers of hog futures finally took a breather at midweek, allowing contracts to settle mostly 30 to 112 higher. The cattle complex settled modestly higher, supported by light short-covering and profit-taking.
Lean hog futures closed lower with nearby contracts suffering triple-digit losses. The cattle complex closed substantially higher, supported by greater packer spending in the country and technical-buying.
Triple-digit losses quickly develop across the livestock complex late Thursday following a bounce in grain markets. Cash cattle trade has moved higher as packers have returned to the market as they look to fulfill procurement needs for next week at higher price levels.
Live and feeder cattle futures closed sharply lower, hammered by a combination of long-liquidation and technical selling. On the other hand, lean hog issues settled solidly higher with nearbys gaining on deferreds.
Live and feeder cattle futures closed sharply lower, hammered by a combination of long-liquidation and technical selling. On the other hand, lean hog issues settled solidly higher with nearbys gaining on deferreds.
Live and feeder cattle futures closed sharply lower, hammered by a combination of long-liquidation and technical selling. On the other hand, lean hog issues settled solidly higher with nearbys gaining on deferreds.
Follow-through pressure in feeder cattle futures quickly developed across the complex. Most cattle markets saw triple-digit losses as traders focused on additional liquidation. Hog trade also saw strong price pressure, focusing on uncertain fundamental shifts.
Follow-through pressure in feeder cattle futures quickly developed across the complex. Most cattle markets saw triple-digit losses as traders focused on additional liquidation. Hog trade also saw strong price pressure, focusing on uncertain fundamental shifts.



Lean hog futures closed widely mixed in the wake of the June 1 Hogs and Pigs report with nearby issues higher and deferred contracts significantly lower. The cattle complex finished the week sharply higher for the most part, supported by aggressive short-covering and technical-buying.

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