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Home Daily Market Update  AFTERNOON MARKET UPDATE; Jan 20
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Tuesday, January 20, 2015

AFTERNOON MARKET UPDATE; Jan 20

by DTN

MORNING LIVESTOCK COMMENTS
John Harrignton, DTN Livestock Analyst

GENERAL COMMENTS: Light cattle trading surfaced in parts of the North with some live sales at $159-$160 (versus last week's weighted average of $162.50 basis Nebraska) and scattered dressed deals at $256 (i.e., about $7 lower). According to the closing report, the Iowa hog base closed $2.03 lower compared with the Prior Day settlement ($62.00-$71.00, weighted average $68.73). The corn market 2-3 cents higher, ignoring weakness in the bean pit and supported somewhat by a lack of farmer selling. Equities rose after switching direction multiple times during the session. The Dow finished 3 points higher with the Nasdaq better by 20.

LIVE CATTLE: Futures closed off 135 to 187. The best you can say here is "it coulda been worse." Most contracts did manage to catch a decent bounce off session lows. Still this slight recovery wasn't enough to erase the fact that most months settle at new four-month lows. Beef cut-outs: significantly lower (choice, $258.24, off $1.18; select, $248.83, off $1.02) with light demand and light to moderate offerings (77 loads of choice cuts, 48 loads of select, 9 loads of trimmings, 27 loads of ground beef).

WEDNESDAY'S CASH CATTLE CALL: $2-$3 lower than last week. Short-bought packers may show better inquiry at midweek, but probably not better bids. Significant trade volume could easily be delayed until Thursday or Friday.

FEEDER CATTLE: Futures closed mostly 192 to 237 lower. Supported somewhat by the cash premium, spot January closed 37 points higher. Yet most of the pit got slammed along with their live counterparts. As summer live futures dip into the mid-140s, commercial buying interest for feeders can't backpedal fast enough. 01/19 cash index: 221.87, off 2.26. 

 
 


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Myself and entire family are horse people. from the kids loving their rodeo horses to mom and dad needing their ranch horses... Best supporting sentence of this entire article: “Horses deserve better than to be abandoned, starved, or transported long distances in overcrowded trucks to slaughter in foreign countries”. Since auction yards in Nor Cal have stopped taking horses we have had a disgusting rise in abandoned horses dumped off on back roads, which are sick and hungry. Many get hit, which results in people getting hurt. Not Okay!! If people could haul the horse to slaughter before the health declines, that meat could feed people, or animals rather than cause the horse and people to suffer.
 
Think outside of the pen. The market is moving away from corn and grain by the end consumer. They are being educated to grass finished and the margins are better there using grass or Alfalfa. The key has always been water for the producer to produce hay and breed cattle that gain efficiently on forage.
 
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