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DTN Midday Livestock Comments 02/16 11:33

16 Feb 2024
DTN Midday Livestock Comments 02/16 11:33 Higher Tones Push Cattle through Friday's Trade With no new cash cattle trade reported at this point, it's looking like the week's business is essentially finished. ShayLe Stewart DTN Livestock Analyst GENERAL COMMENTS: As we near Friday's noon hour, cattle contracts are continuing to rally as they find comfort in the market's strong fundamental footing and look forward to continued support well through 2024. Meanwhile, the lean hog market isn't as well supported as traders advanced the market aggressively midweek and don't want to overdo things ahead of the week's end. March corn is down 1 cent per bushel and March soybean meal is up $5.20. The Dow Jones Industrial Average is down 49.88 points. LIVE CATTLE: The live cattle complex is keeping with its upward trek as the market currently sees all contracts trading higher into Friday's noon hour. Since the market possesses a strong fundamental outlook for 2024 and boxed beef prices have remained strong this past week, traders are more than willing to support the market's strong fundamental footing despite coming up against resistance levels. February live cattle are up $1.45 at $184.85, April live cattle are up $2.02 at $187.60 and June live cattle are up $1.05 at $182.92. No new cash cattle trade has developed and it's looking like the bulk of this week's business could be finished. Throughout the week, Northern cattle have sold for $287 to $288 dressed which is steady to $1 lower than last week's weighted average, and Southern live cattle have traded for mostly $180 which is $2 lower than last week's weighted average. Boxed beef prices are higher: Choice up $0.76 ($296.06) and select up $0.20 ($288.19) with a movement of 73 loads (55.60 loads of choice, 4.24 loads of select, 5.28 loads of trim and 8.20 loads of ground beef). FEEDER CATTLE: The feeder cattle complex is back to rallying as the market warmly welcomes the bullish outlook projected for the 2024 calendar year. March feeders are up $4 at $251.10, April feeders are up $3 at $253.22 and May feeders are up $2.20 at $255.10. Next week's Cattle on Feed report is expected to be extremely bullish as January placements are anticipated to be sharply lower thanks to the snowstorms in January that hindered sales and cattle transport. LEAN HOGS: After gapping higher Thursday morning and rounding out the day with the same level of support and eagerness, the lean hog complex is a little more hesitant today. All in all, the market is trading mostly steady with Thursday's close, but traders seem unsure whether they should advance the complex any higher at this point. It is supportive that both cash prices and pork cutout values at currently higher but it's unlikely traders will advance the market ahead of the week's close. April lean hogs are down $0.17 at $84.82, June lean hogs are down $0.02 at $97.67 and July lean hogs are down $0.07 at $98.50. The projected lean hog index for Feb. 15 is up $0.17 at $75.29, and the actual index for Feb. 14 is up $0.52 at $75.12. Hog prices are higher on the Daily Direct Morning Hog Report, up $1.18 with a weighted average price of $69.50, ranging from $64 to $71.50 on 2,455 head and a five-day rolling average of $68.32. Pork cutouts total 223.06 loads with 202.31 loads of pork cuts and 20.75 loads of trim. Pork cutout values: up $1.32, $91.11. ShayLe Stewart can be reached (c) Copyright 2024 DTN, LLC. All rights reserved.