Daily Market Outlook and Analysis

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Dec. 16, 2019

Live cattle futures settled $0.07 to $0.30/cwt softer, with the active February contract losing the most ground. Feeder cattle futures closed $0.27 to $0.65/cwt lower as March fell the furthest. The CME feeder cattle index jumped $1.21 to $143.40/cwt. Lean hog futures ended mixed, from $0.62/cwt lower in the backend to $1.22 higher in the frontend. The CME lean hog index increased $0.16 to $59.88/cwt. The grain markets were well supported with potentially positive trade news as corn finished up 7 cents. Soybeans surged 14-1/2 cents, and KC wheat rallied 19-1/4 cents to the highest close since July. Cash fed cattle prices were steady to $1 higher last week at $119.26/cwt. The weekly composite cutout moved $8.27 lower last week to $216.49/cwt. The 90% lean trimmings market decreased $1.74 last week to $239.54/cwt. The 50s market averaged $65.51/cwt, decreasing $5.15 last week. The CattleFax total showlist is 30,500 head smaller than last week at 215,500 head.

Futures Market Summary
Nearby Elec. Contract Close Change High Low
Live Cattle $122.300 ($0.075) $122.875 $122.000
Feeder Cattle $145.250 ($0.425) $146.550 $144.900
Lean Hogs $70.500 $1.000 $70.900 $69.075
Class III Milk $19.39 ($0.01) $19.41 $19.36
Corn $3.8800 $0.0700 $3.8950 $3.8325
Soybean $9.2200 $0.1450 $9.2275 $9.1250
USDA Beef Complex
Item Price Change
Choice $217.08 $0.79
Select $205.51 $1.27
Drop Credit $9.17 $0.03
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