Markets

Mid-Session Cattle Market Report for 11/19/2010

February cattle pushed moderately lower on the session early today as outside market forces are negative and fund traders are in a slight long liquidation mode at the end of the week. The market bounced to slightly higher on the session into mid-day. Talk that the futures are holding a stiff premium to the cash market for this time of the year added to the negative tone. The results of the USDA report after the close could have an impact on the market for Monday and this will be the first report to show the impact of the surge higher in corn prices during October. March corn moved from a low of 466 on October 4th to 617 1/2 by November 9th so the trade will be most interested in whether feedlots placed cattle during the month of October. On the other hand, April cattle moved from 100.50 in early October to 106.90 by October 21st which may have given feedlots an incentive for increased placements. Boxed-beef cut-out values at mid-session came in at $158.64, down $.65 from yesterday but up from $157.08 last week at this time.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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