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Home Daily Market Update  AFTERNOON MARKET UPDATE; Dec. 10
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Wednesday, December 10, 2014

AFTERNOON MARKET UPDATE; Dec. 10

by DTN

MORNING LIVESTOCK COMMENTS
John Harrignton, DTN Livestock Analyst

GENERAL COMMENTS: Except for a small handful of bids in the South, cattle country was extremely quiet Wednesday. Asking prices remained firm at $168-$170 in the South and $268-plus in the North. According to the closing report, the Iowa hog base closed $0.27 lower compared with the Prior Day settlement ($77.00-$85.50, weighted average $84.59). Corn futures settled 1-2 cents lower, pressured somewhat by spillover selling from the bean pit. U.S. stocks closed sharply lower on Wednesday as the price of crude fell to a new five-year low and OPEC cut its demand outlook for next year. The Dow closed 268 points lower with the Nasdaq off 82.

LIVE CATTLE: Futures closed mixed, up 30 to off 72. Though most live contracts settled in the red once again, the market as a whole finished much better than it started. Prices fell hard in the first hour or so, pretty much canceling Tuesday's rally. Yet short-covering interest was once again reignited near 100-day averages, allowing beef cut-outs: mixed (choice, $249.95, off $0.56; select, $236.37, up $0.27) with light to moderate demand and moderate to heavy offerings (115 loads of choice cuts, 48 loads of select, 27 loads of trimmings, 31 loads of ground beef).

THURSDAY'S CASH CATTLE CALL: Steady to $2 lower. Packer inquiry could start to take place Thursday, but don't be surprised if meaningful business is postponed until Friday.

FEEDER CATTLE: Futures closed off 10 to 117. Feeder settlement represented another case of "it could have been worse." Most contracts opened sharply lower and triple-digit losses pretty much dominated the headlines until the last hour of business. But late-session short covering lifted many issues more than 200 points off session lows. 12/08 cash index: $240.90, off $0.81.

 
 


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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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