AFTERNOON LIVESTOCK COMMENTS
John Harrington, DTN Livestock Analyst
GENERAL COMMENTS: Activity in cattle feeding country was typically limited to the distribution of new showlists. Ready numbers appear to be generally larger than the prior week, especially in the North. Some steers and heifers were priced around $172-$173 in the South and $270-plus in the North. According to the closing report, the Iowa hog base closed $0.70 lower compared with the Prior Day settlement ($76.00-$89.00, weighted average $88.45). In a surprising display of early week strength, corn futures closed a dime higher, supported by strength in the bean complex and growing ideas that a seasonal low may already be in place. The stock market put in a directionless session as investors tracked the cost of crude as a proxy for the health of the global economy and sorted through quarterly earnings. The Dow closed 12 points higher with the Nasdaq better by 2.
LIVE CATTLE: Futures closed up 90 to 150. For the most part, triple-digit gains dominated the live pit Monday. Early week buying was primarily promoted by short covering and the premium status of recent feedlot sales. Spot October set a new all-time high. Beef cut-outs: significantly higher (choice, $249.20, up $1.79; select, $235.99, up $3.28) with moderate demand and light offerings (37 loads of choice cuts, 28 loads of select, 12 loads of trimmings, 29 loads of ground beef).
TUESDAY'S CASH CATTLE CALL: Steady to $2 higher. Tuesday's cash round should be a customary yawner with neither bids nor asking process well defined.
FEEDER CATTLE: Futures closed up 10 to 80. Feeders settled moderately higher, positive but clearly several degrees cooler than the corresponding action in the live pit. This milder enthusiasm was probably related in part to significant strength in the corn market. On an estimated run of 8,250 head (down from 10,667 last week and 10.337 in 2013), Oklahoma City sold steer and heifer feeders mostly steady. 10/24 cash index: 238.20, off 1.35.