Printable Page Livestock   Return to Menu - Page 1 2 3 4 5 7 8 10 11 12 13
DTN Midday Livestock Comments          07/15 11:41

   Lean Hogs Trade Higher While Cattle Find Mixed Support at Monday's Start 

   Again this week, traders will be actively watching what consumer demand does 
in both the beef and pork markets. 

ShayLe Stewart
DTN Livestock Analyst


   The livestock complex is seeing moderate support thus far from traders this 
week as the cattle contracts trade mixed, but the lean hog market is trading 
fully higher. With the market scheduled to see the latest Cattle on Feed report 
this upcoming Friday, traders could be a tick more cautious in how they trade 
both the live cattle and feeder cattle contracts ahead of seeing what that 
report yields. December corn is down 6 3/4 cents per bushel and December 
soybean meal is down $3.80. The Dow Jones Industrial Average is up 330.36 


   The live cattle complex was trading fully higher earlier this morning, but 
as the market nears Monday's noon hour, a few of the nearby contracts are 
trading slightly lower. It's likely that the market will chop sideways this 
week as traders could be cautious ahead of seeing what Friday's Cattle on Feed 
report produces. With cash cattle prices trading $2.00 to $4.00 lower last 
week, feedlots will likely be pressured again this week to sell their showlists 
for less money. August live cattle are steady at $182.37, October live cattle 
are down $0.07 at $184.00 and December live cattle are up $0.20 at $185.67.  

   Last week, Southern live cattle traded at mostly $188 which is $4.00 lower 
than the previous week's weighted average while Northern dressed cattle traded 
at $312 which is $2.00 lower than the previous week's weighted average. Last 
week's negotiated cash cattle trade totaled 82,802 head. Of that, 75% (61,798 
head) were committed to the nearby delivery, while the remaining 25% (21,004 
head) were committed to the deferred delivery.

   Boxed beef prices are mixed: choice down $0.65 ($312.41) and select up $1.01 
($303.32) with a movement of 42 loads (28.26 loads of choice, 5.67 loads of 
select, 4.52 loads of trim and 3.36 loads of ground beef).


   With corn prices trading lower and the live cattle complex lending enough 
support in its own higher trend, the feeder cattle contracts are again trading 
higher. The spot August contract is trading in line with both the market's 40- 
and 100-day moving averages, which is a positive finding given that last week 
the market ascended below though moving averages. Traders could be somewhat 
reserved again this week as the latest Cattle on Feed report will be shared on 
Friday, which typically generates some market hesitancy. August feeders are up 
$0.45 at $259.10, September feeders are up $0.95 at $259.05, and October 
feeders are up $1.02 at $258.57. Showlists are mixed this week with the Texas 
and Kansas having greater showlists, but Nebraska and Colorado have fewer 
cattle to market.


   At the week's start, the lean hog complex has collected fairly strong 
interest for its market although some of the nearby contracts are trading 
mildly lower. Again, this week, so much of trader's sediment toward the market 
is going to depend on how pork cutout values fair, and if domestic demand seems 
somewhat supportive. August lean hogs are up $0.07 at $88.52, October lean hogs 
are down $0.27 at $69.90, and December lean hogs are down $0.05 at $62.32.

   The projected lean hog index for 7/12/2024 is up $0.04 at $88.42 and the 
actual index for 7/11/2024 is down $0.27 at $88.38. Hog prices are lower on the 
Daily Direct Morning Hog Report, down $1.14 with a weighted average price of 
$82.59, ranging from $79.00 to $85.00 on 1,560 head and a five-day rolling 
average $86.87. Pork cutouts total 157.58 loads with 135.00 loads of pork cuts 
and 22.58 loads of trim. Pork cutout values: down $0.19, $98.65.

   ShayLe Stewart can be reached


(c) Copyright 2024 DTN, LLC. All rights reserved.

No other Daily email offers as much useful Ag information as DTN Snapshot – Sign up Free today!
Copyright DTN. All rights reserved. Disclaimer.
Powered By DTN