DTN Midday Livestock Comments 04/16 11:36

DTN Midday Livestock Comments 04/16 11:36 Trader Support Keeps the Livestock Complex Trading Higher The cattle complex's biggest hindrance the last month has been a lack of trader support amid concerns about avian influenza -- but this week traders seem reinvigorated and are sending both the live cattle and feeder cattle markets higher. ShayLe Stewart DTN Livestock Analyst GENERAL COMMENTS: The livestock complex is following in line with Monday's support nature as all three of the markets are trading higher into the noon hour. Asking prices in the South are noted at $184 but remain unestablished still in the North. May corn is down 1/4 cent per bushel and May soybean meal is down $1.40. The Dow Jones Industrial Average is up 170.62 points. LIVE CATTLE: The live cattle complex is elated to again have the support of traders as they're continuing to advance the market further away from last Friday's low. It will be interesting to see how the market handles approaching its 100-day moving average, as a close above that threshold would signal bullishness. June live cattle are up $1.55 at $175.40, August live cattle are up $1.70 at $172.82 and October live cattle are up $1.72 at $175.72. No cash cattle trade has developed, but asking prices are noted in the South at $184 but remain unestablished still in the North. The week's cash cattle trade won't likely develop until Thursday or Friday of this week. Boxed beef prices are mixed: choice down $2.59 ($298.29) and select up $1.31 ($292.65) with a movement of 66 loads (40.94 loads of choice, 9.08 loads of select, 4.15 loads of trim and 12.25 loads of ground beef). FEEDER CATTLE: The feeder cattle contracts are continuing to trade higher as the market is seeing enough support from the higher note in the live cattle contracts, mixed with slightly lower corn prices and continued support in the countryside. May feeders are up $2.85 at $240.80, August feeders are up $1.97 at $251.75 and September feeders are up $1.70 at $252.77. So long as the live cattle complex continues to trade higher, feeders shouldn't struggle to keep their upward trend as technical support has been the market's only lacking point. LEAN HOGS: The lean hog complex is trading higher into Tuesday's noon hour as the market may have potentially found a bottom for its current move. June lean hogs are up $0.27 at $102.72, July lean hogs are up $0.07 at $103.82 and August lean hogs are up $0.40 at $101.97. Helping the market was Monday afternoon's higher close in cutout values, and even though midday pork cutout values are lower, the market still could potentially see afternoon pork cutout values close higher -- which would lend traders continued confidence. The projected lean hog index is again delayed from the source. Hog prices on the Daily Direct Morning Hog Report average $86.14, ranging from $85.00 to $89.50 on 942 head and a five-day rolling average of $87.52. Pork cutouts total 130.46 loads with 121.84 loads of pork cuts and 8.62 loads of trim. Pork cutout values: down $4.44, $99.16. ShayLe Stewart can be reached at ShayLe.Stewart@dtn.com (c) Copyright 2024 DTN, LLC. All rights reserved.