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Home Daily Market Update  AFTERNOON MARKET UPDATE; Oct. 27
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Monday, October 27, 2014

AFTERNOON MARKET UPDATE; Oct. 27

by DTN

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.

 
 


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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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