DTN Closing Livestock Comment 11/18 15:16

DTN Closing Livestock Comment 11/18 15:16 Livestock Markets Flex to Show Strength Friday After a week of overall gains, the Nov. 1 Cattle on Feed number --- 11.7 million head, or down 2% year over year --- will continue to lend a bullish tone to the cattle markets when trade reopens Monday. Elaine Kub Contributing Analyst GENERAL COMMENTS There has been a generally bullish theme to the livestock prices this week as livestock owners pressed the advantage of a short supply situation, with the beef herd diminished by drought and with the supply of market-ready hogs staying current during a traditionally high-volume season. The Nov. 1 Cattle on Feed report showed only 11.7 million head in feedlots. At 98% of last year's Nov. 1 number, this result is even more bullish than pre-report expectations and will lend support to the recent gains in the deferred futures markets. The cash cattle market had a positive week, with most Southern live business transacted at $151 to $152, or $1 to $2 higher than a week ago. In Nebraska and Iowa, live prices ranged from $152 to $155 and dressed deals ranged anywhere from $236 to $244, so the weighted average is mostly steady with last week. On the National Direct Afternoon Hog Report, negotiated prices were down $1.46 to a weighted average price of $81.81 with prices ranging from $77 to $90 on 4,746 head, and the five-day rolling average was $84.74 per cwt. December corn moved up 1/4 cent to $6.67 3/4 per bushel and December soybean meal closed up $4.70 per ton to $410.40. The Dow Jones Industrial Average was up 199.37 points and the NASDAQ was down 0.16 points.