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cmdty Insider - Ag Market Commentary
Lean hog futures settled with mixed trade on Monday, as Dec was down 42.5 cents with most other contracts in the green. The CME Lean Hog Index was up $1.65 on September 20 to $59.09. The USDA pork carcass cutout value was 84 cents higher on Monday afternoon at $80.02. The national base hog carcass value was $1.03 higher in the Monday afternoon report at $60.53. FI hog slaughter on Monday was estimated at 472,000 head. That is up 56,000 head from last week and 13,000 head larger than the same week last year, as NC plants should be back up and running. Frozen pork stocks at the end of August were reported at 582.592 million pounds by the USDA this afternoon. That was 5.99% larger than July and up 1.2% vs. August 2017. Belly stocks were shown at 34.969 million pounds, with 14% from July.OCT 18 Hogs closed at $61.000, up $0.700,DEC 18 Hogs closed at $56.975, down $0.425FEB 19 Hogs closed at $65.450, up $0.525
Live cattle futures posted 90 cent to $1.45 losses in the nearby contracts on Monday. Feeder cattle futures were 55 cents to $1.80 lower in the front months. The CME feeder cattle index on September 21 was up $1.05 at $157.34. Wholesale boxed beef values were higher on Monday afternoon. Choice boxes were up $1.36 to $206.16, while Select boxes were 58 cents higher at $195.39. USDA estimated FI cattle slaughter at 119,000 head on Monday. That is up 5,000 from last week and 2,000 head above the same week in 2017. Monday’s Cold Storage report indicated that frozen stocks of beef on August 31 totaled a monthly record 503.449 million pounds. That was 3.99% larger than the end of July and 5.64% above August 2017.OCT 18 Cattle closed at $112.175, down $0.900,DEC 18 Cattle closed at $117.000, down $1.450,FEB 19 Cattle closed at $121.300, down $0.950,SEP 18 Feeder Cattle closed at $156.400, down $0.550OCT 18 Feeder Cattle closed at $156.425, down $1.650NOV 18 Feeder Cattle closed at $156.000, down $1.800