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DTN Midday Livestock Comments 09/10 11:39
Traders Cautious in Livestock Complex Tuesday
The livestock complex is nearing Tuesday's noon hour mixed as traders would
like to keep with Monday's aggressive approach, but support isn't coming to
fruition.
ShayLe Stewart
DTN Livestock Analyst
GENERAL COMMENTS:
It's a mixed marketplace for the livestock complex as Tuesday nears its noon
hour. Traders would like to support the contracts, but substantial fundamental
support has been tough to come by. December corn is up 1 cent per bushel and
December soybean meal is up $0.60. The Dow Jones Industrial Average is up
484.18 points.
LIVE CATTLE:
Traders have been apprehensive about supporting the live cattle complex as
boxed beef prices have been mixed and cash prices have been trading lower, but
as the market nears Tuesday's noon hour most of the market is trading higher,
except for the nearby contracts. October live cattle are down $0.32 at $176.57,
December live cattle are down $0.17 at $176.62 and February live cattle are up
$0.10 at $177.82. Overall traders just don't seem confident in the marketplace
as technical direction changes have been dramatic lately and the fundamentals
continue to lag in lending enough support. Still no cash cattle trade has
developed, but asking prices are noted in the South at $182. Trade won't likely
develop until sometime after Wednesday.
Boxed beef prices are mixed: choice up $1.06 ($309.58) and select down $0.01
($298.48) with a movement of 89 loads (49.63 loads of choice, 16.89 loads of
select, 9.05 loads of trim and 13.89 loads of ground beef).
FEEDER CATTLE:
Even though the live cattle complex is mixed, the feeder cattle market is
thankfully trading higher as traders continue to rally off Monday's strong
performance. September feeders are up $1.22 at $238.95, October feeders are up
$0.77 at $235.55, and November feeders are up $0.80 at $232.62. The live cattle
complex has been back and forth in its trading today, and so long as the live
cattle contracts don't turn substantially lower, feeders may be able to keep
with their modest rally through Tuesday's end.
LEAN HOGS:
The lean hog complex has again found some technical footing and as the day
nears noon, traders are attempting to push a modest rally. October lean hogs
are up $0.02 at $78.82, December lean hogs are up $0.22 at $71.32, and February
lean hogs are up $0.30 at $75.25. Again, packers are actively buying hogs in
the cash market as they seem to have been short bought heading into this week.
Midday pork cutout values are down slightly, which traders will watch to see
the afternoon carcass price as demand remains a key line item in this market.
The projected CME Lean Hog Index for 9/9/2024 is down $0.18 at $85.56 and
the actual index for 9/6/2024 is down $0.50 at $85.74. Hog prices on the Daily
Direct Morning Hog Report average $77.82, ranging from $67.00 to 78.50 on 4,297
head and with a five-day rolling average of $78.05. Pork cutouts total 218.21
loads with 200.49 loads of pork cuts and 17.72 loads of trim. Pork cutout
values: down $0.17, $95.55.
ShayLe Stewart can be reached shayle.stewart@dtn.com
**
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