DTN Midday Livestock Comments 04/26 11:39

DTN Midday Livestock Comments 04/26 11:39 Cattle Trade Higher, Thanks to Late-Week Support in Cash Market A few more cash cattle sales could develop ahead of the week's end. However, the week's price range is likely set and established. ShayLe Stewart DTN Livestock Analyst GENERAL COMMENTS: The livestock complex is trading mixed into Friday's noon hour as cattle contracts trade modestly higher fueled by stronger cash cattle trade. The lean hog complex is trading lower as traders worry about summertime demand. July corn is up 1 cent per bushel and July soybean meal is down $2.20. The Dow Jones Industrial Average is up 167.18 points. LIVE CATTLE: The live cattle complex is trading modestly higher as traders are thankful for late-week-added support from cash cattle sales. Bids have been renewed in Nebraska at $185 to $186 live, $294 dressed, and in Kansas at $184 live, but no new sales have been reported. Throughout the week, Southern live cattle have traded at mostly $182, steady with last week's weighted average, and Northern dressed cattle at $294 to $295, $2 to $3 higher than last week's weighted average. A few more sales could develop throughout the day, but the week's weighted average is likely set. June live cattle are up $0.65 at $178.47, August live cattle are up $0.82 at $176.87 and October live cattle are up $0.95 at $180.65. Boxed beef prices are mixed: choice up $1.50 ($298.42) and select down $1.19 ($288.47) with a movement of 92 loads (63.41 loads of choice, 19.04 loads of select, 3.04 loads of trim and 6.32 loads of ground beef). FEEDER CATTLE: The feeder cattle complex is currently the leader of the cattle complex's higher move as all the contracts are trading anywhere from $1.00 to $2.00 higher. The strong fundamental showing developed late this week in the marketplace encourages the market. Between Northern dressed cattle trading $2 to $3 higher and continued support for feeder cattle in sale barn sales, traders have seen more than enough support to justify trading the feeder cattle contracts higher through Friday's end. August feeders are up $1.70 at $260.02, September feeders are up $1.52 at $260.95 and October feeders are up $1.40 at $261. LEAN HOGS: The lean hog complex continues to trade lower as the market worries about consumer support this summer. Thursday's lukewarm export report is also slightly affecting traders as they were hoping to see strong sales which would have boosted the market's morale. Yes, midday pork cutout values are higher, but traders are looking at the market through a broader, long-term perspective. June lean hogs are down $2.35 at $102.65, July lean hogs are down $1.87 at $105.92 and August lean hogs are down $1.50 at $103.90. The projected lean hog index for April 25 is down $0.55 at $90.88, and the actual index for 4/24/2024 is down $0.22 at $91.43. Hog prices are unavailable in the Daily Direct Morning Hog Report due to confidentiality. However, we can see that 1,144 head have traded and the market's five-day rolling average now sits at $90.45. Pork cutouts total 189.07 loads with 179.42 loads of pork cuts and 9.65 loads of trim. Pork cutout values: up $2.71, $100.20. ShayLe Stewart can be reached at ShayLe.Stewart@dtn.com (c) Copyright 2024 DTN, LLC. All rights reserved.